Third Parties and the need for Transparency

The resilience of an individual organization or service often depends on the resilience of its third parties. Many of these third parties are common to large firms creating potential systemic risk should the third party suffer a significant operational incident. Risks can emerge from, among other things, a lack of transparency from these third parties over their resilience and recovery capabilities. Recent events have given credence to this risk, which is only increasing in importance.

Objectives:

• Assess the critical role of third-party resilience in organizational stability
• The importance of proactively Identifying and mitigating systemic risks from third-party dependencies
• Strengthen oversight and transparency in third-party resilience practices

Speakers:

Douglas is a Managing Director in the Risk and Compliance division of Protiviti’s New York office. Douglas has over twenty years’ experience in financial services / capital markets and has worked on large scale consulting projects that range from financial close optimization to organization change management to large regulatory / technology projects for large banks, broker dealers and custodians. These projects include work from the front office though operations, technology, and finance. Prior to consulting Douglas’s had extensive commodity and risk management experience.

Brian is Protiviti’s Financial Services Industry segment leader for Protiviti's Risk and Compliance solution with more than 18 years of experience in consulting financial services organizations. Brian focuses on solving clients' challenges in designing and implementing third party risk, compliance management, and operational risk management programs that enhance the risk management activities of an organization while enabling business flexibility and growth. Brian’s experience and expertise focuses on third party vendor risk, regulatory compliance risk, operational risk, operational resilience and control optimization. Additionally, Brian leads the Third Party Risk Management (TPRM) solution offering within the Risk and Compliance solution in the United States, and coordinates with Protiviti’s Business Performance Improvement and Technology Consulting Practices for our cross-solution TPRM offering. Brian is experienced in monitoring and testing design and implementation, project management, regulatory remediation design and validation, independent compliance reviews, business process risk assessments, risk and control self assessments, mergers and acquisition integration support, and internal audit services.

Brian has been previously awarded the 2019 Rising Stars of the Profession by Consulting Magazine and the John B Thurston Outstanding Contributor in 2021 Award by The Institute of Internal Auditors. Brian has also been quoted by several media outlets related to broader financial services trends and risks.