Third-Party Risk Management: Inherent vs Residual Risk

Onboarding a new third-party vendor or supplier requires understanding the risks they inherently bring to the relationship. Yet, many companies consider only a few surface-level risks in their pre-contract due diligence assessments, limiting visibility that can expose risky gaps post-onboarding.

Join Rodney Campbell, Senior Vice President and Head of Third-Party Risk Management at Valley National Bank, as he leverages his years of experience in building and managing TPRM programs to clarify the role of inherent risk assessments in determining ongoing due diligence.

During this webinar, Rodney will:

• Identify the most important criteria to assess vendors on to calculate a comprehensive inherent risk score
• Describe the steps involved in tiering and categorizing suppliers based on their inherent risk
• Define different risk appetites, which can inform whether risks are accepted or remediated with compensating controls
• Explain the most essential controls for vendors to implement to improve residual risk scores over time

Watch this on-demand webinar to get your vendor tiering and categorization off on the right foot with solid inherent risk scoring.