Art of Procurement5 Aug 2024

720: Establishing a Single Source of Truth for Third-Party Risk in Financial Services with Ivalua

"What's interesting in financial services is that third-party risk management is very different than supplier risk management. When a financial institution looks at risk, they look at risk at the relationship level, not just at the supplier level." - Arnaud Malardé, Director of Product Marketing, Ivalua

In the highly-regulated financial services industry, effective third-party risk management is non-negotiable. It can make or break operational success, not to mention client trust. Even though avoiding risk altogether is not realistic, it doesn't have to feel like an uphill battle.

In this episode, Kelly Barner speaks with Arnaud Malardé, Director of Product Marketing at Ivalua, and Vivek Jayaraj, Managing Director at Deloitte Consulting LLP, about how procurement can turn third-party risk management into a strategic advantage for the business.

As they explain, streamlining business practices and supporting them with well-integrated digital platforms can create the best environment for managing third-party risk and achieving successful outcomes for the business.

They also share their ideas about:

What a 'single source of truth' for third party risk looks like in practice
How to align risk management with supplier management
Best practices for leveraging AI in third-party risk management platforms

Links:

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