What's the Purpose of Third-Party Risk Management? A Practitioner's Answer

In this episode, you will learn

1. How did Michael Carpenter get his start in third-party risk management?
   02:30
   How did Michael Carpenter get his start in third-party risk management?
2. Why do vendor management programs that pass exams still fail when it matters?
   04:10
   Why do vendor management programs that pass exams still fail when it matters?
3. What does it mean to treat your vendors as an operating model, not a risk list?
   09:50
   What does it mean to treat your vendors as an operating model, not a risk list?
4. What is the closed fist framework for connecting strategic goals to vendor risk?
   15:00
   What is the closed fist framework for connecting strategic goals to vendor risk?
5. What did military service teach Michael Carpenter about risk management and vendor oversight?
   18:30
   What did military service teach Michael Carpenter about risk management and vendor oversight?
6. How does vendor selection go wrong — and what does "defining winning before the contract" mean?
   24:15
   How does vendor selection go wrong — and what does "defining winning before the contract" mean?
7. Why does building a TPRM program around exam performance create long-term risk?
   30:00
   Why does building a TPRM program around exam performance create long-term risk?