When you have a major product recall because your supplier used a contaminated material or when your customers’ data is stolen because your vendor had a breach, who ends up on the front-page news? YOUR Company. Third-party risks have become a critical area of focus for boards given the far-reaching consequences and strategic impact of third-party failures. Learn the steps your organization can take to mitigate the risks.
When you have a major product recall because your supplier used a contaminated material or when your customers’ data is stolen because your vendor had a breach, who ends up on the front-page news? YOUR Company.
In this interview, we sit down with Cathy Allen, Founder of the Board Risk Committee, a nonprofit aiming to foster more effective enterprise risk management and board oversight, and former board member for Synovus Financial, El Paso Electric Co. and Stewart Information Services. We explore what third party/supply chain risk management is, and why is it so important for boards. Gain insights on:
- Ways boards can understand, and better govern risks associated with third parties
- How AI might impact relationships with third party providers
- Action items and questions you can ask management in advance of your next board meeting
For more resources on this topic, visit sharedassessments.org and boardriskcommittee.org.
