Daniella Kafouris is a specialist IT and data privacy attorney. She completed a Postgraduate Diploma in Cyber Law and is currently an associate director at Deloitte Risk Advisory.
Kafouris will be presenting at the ITWeb IT Sourcing and Vendor Management Summit with colleague Angela Nicolaidis, on 4 October 2016 at The Forum Bryanston. They will highlight the silent contractual and compliance risks associated with third party agreements and how organisations can better manage these risks.
As organisations become more and more reliant on third parties to deliver key services, it is increasingly critical for them to ensure they develop appropriate risk management strategy and then implement it to improve the current risk maturity levels.
Key drivers for attending a presentation on the subject of: the unspoken opportunity in third party risk management, include,first and foremost, the financial opportunity and cost saving, which in the current economic climate is a key element. All roles, but more especially risk, compliance and operations are under pressure to show value. You will be able to identify and expose cost savings to your stakeholders immediately. As well as ongoing cost optimisation, by changing the processes for the long-term and making sure controls are in place, you can continue to reap the rewards.
Attendees at this summit will be exposed to the issue of contract risk, compliance and focus on third party risk management. They will consider the drivers outside of the supply chain alone, by considering the risk and potential reward as anywhere that a contract exists, throughout an organisation.
They will determine how, through effective monitoring and management processes, contracts don't have to be plagued with 'silent risks', transparency will be a vital element and both parties will benefit as a result.
Organisations will be able to make better decisions based on all the information versus fragmented information that blindsides one or other of the parties, if not both, at some point in the process.
Last, but not least, a key driver would be the protection of your brand. Avoid irreparable reputational damage by knowing the risks associated with each contract upfront.
Kafouris and Nicolaidis will also uncover the challenges associated with contract management and monitoring:
* A person's day-to-day job doesn't drive one to consider risk and cost saving;
* Stakeholders that you engage with experience a mismatch in who is accountable and responsible, this isn't always clear in the contract;
* Regulatory requirements are often not considered in our day-to-day activities; and
* Risks aren't always highlighted upfront, which leads to unpleasant surprises further down the line.
How do you overcome these hurdles? Find out at the ITWeb IT Sourcing and Vendor Management Summit in October.
Share