Vendor Management Program - Risk Assessment, Effective Controls, Best Practices to Minimize 3PV Risk

Duration: 90 Minutes
This vendor management training program will offer best practices for managing and minimizing third party vendor risk through strategies that help you focus resources with a risk based approach. It will explore the five elements of a successful vendor management program, including: vendor culture, vendor risk assessment, ensuring effective controls around vendor management, monitoring vendor programs, and vendor communication.
Third Party Vendor Risk Management
Instructor: Anne M. McFadden
Product ID: 501525
Objectives of the Presentation
  • Five Elements of a Successful Vendor Management Program:
    • Vendor Culture - Setting the right tone and commitment to integrity and ethical values in every step of vendor engagement
    • Vendor Risk Assessment - Importance of interjecting vendor risk assessment into your ERM and fraud risk assessment process to identify vulnerabilities created by third party vendors as it relates to these risks: strategic, operational, compliance, financial, fraud and reputational
    • Ensuring Effective Controls Around Vendor Management: Such as 1) vendor due diligence programs and 2) strong contracts to prevent problems
    • Monitoring Vendor Programs - Detecting issues early on is a key to minimizing losses and reputational damage, including establishing controls to monitor red flags of vendor-related fraud schemes
    • Vendor Communication - Sharing information related to vendor feedback with internal audit, external auditors, procurement and all finance groups
  • Case Study
Why Should you Attend
Third party vendors present innumerable risk. Regulators hold management and the board of directors responsible and accountable. This webinar will discuss the need to develop a third party risk management process that aligns with ERM, the need to know your vendor, the necessity to employ a culture of integrity embedded in the organization, the need to proactively identify where you are vulnerable to risks related to your third party vendors or you can't prevent the risk from materializing, and the importance of monitoring your changing vendor landscape with a risk based approach in order to focus your efforts effectively.

Finally, the session will also focus on why not documenting vendor feedback and sharing fraud schemes means you are losing the opportunity to prevent and detect vendor misconduct.

Who can Benefit
  • CEO, CFO
  • Chief Risk Officer
  • Chief Compliance Officer
  • Chief Security Officer
  • Legal/Regulatory Counsel
  • Compliance Professionals
  • Controllers
  • Accounting and Finance Professionals
  • Audit and Finance Committee Members
  • Chief Procurement Officer
  • Purchasing Department
  • Internal Audit Manager/Director
  • Employees who hire and pay vendors
Topic Background
Organizations today are increasingly using third party vendors to perform a wide variety of services such as outsourcing accounts payable, hosting human resources in the cloud, hiring a third party to provide their information security function or making financial payments and holding assets. There are numerous risks associated with using third party vendors in this manner and management is responsible for addressing these risks and ensuring the activity is performed in compliance with laws and regulations. Regulators have responded accordingly, acknowledging these higher risks, and possibly global turmoil, through laws and regulations such as the Sarbanes Oxley Act, the Gramm-Leach-Bliley Act, the FCPA, the Health Insurance Portability and Accountability Act, as well as the Payment Card Industry Data Security Standard (PCI DSS) requirements.
$300
Recorded Session for one participant
Get life time access with download option!
Book this course
Pay Now
  $450.00 Training CD
Free shipment within 4 Working Days of placing the order. Get life time access for unlimited participants.
  $550.00 Training USB Flash Drive
Free shipment within 4 Working Days of placing the order. Get life time access for unlimited participants.
For multiple location please contact our customer care team +1-510-857-5896.
How it works
Live Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Anne is the President of Capitol Financial Forensics & Accounting LLC, an accounting firm offering a full range of forensic accounting services to investigate, prevent, detect and deter fraud. Until November 2014, she was the Director of Fraud Risk Management at AARP in Washington, DC, where she directed comprehensive forensic investigations, performed enterprise-wide fraud risk assessments, conducted fraud awareness training, and directed fraud monitoring projects. She has over seven years of public accounting experience in the Forensic Services practices of "Big Four" accounting firms, where she worked closely with the Office of General Counsel and outside counsel, leading the forensic accounting component of complex financial investigations and dispute matters. During that time, she worked with the audit teams of SEC registrants as the fraud subject matter expert, analyzing financial statements and interviewing corporate executives to appropriately consider fraud in the course of the audit. She has led fraud and misconduct investigations related to financial reporting, misappropriation of assets and corruption involving CEO's, CFO's, Treasurers, and Senior Vice Presidents. She holds a Bachelor of Science in Chemical Engineering degree from the University of Maryland and a Master's degree in Business Administration from Johns-Hopkins University. She is a Certified Public Accountant (CPA) in Virginia, Washington, D.C. and Maryland, a Certified Fraud Examiner (CFE), is Certified in Financial Forensics (CFF) by the AICPA, and holds the Chartered Global Management Accountant Designation (CGMA) from the AICPA. Anne is a volunteer Social Security Administration Representative Payee, FINRA Arbitrator,a member of the NASDAQ Listing Qualifications Hearing Panel and a member of the Disciplinary Hearings Panel for the Nasdaq OMX PHLX Futures Exchange. She is on the Advisory Board of the Representative Payee Program of the Department of Social Services in Anne Arundel County, Maryland.
View More