Supplier Diversity: The Next Level of Third Party Risk Management

IMPACT 2023 Supplier Diversity with Bryan Phillips

Duration: 33 Minutes

Presenter: Bryan Phillips, Federal Home Loan Bank of Indianapolis

In this session, Bryan Phillips from Federal Home Loan Bank of Indianapolis presents on Supplier Diversity: the Next Level of Third Party Risk Management. Vendor, or Third Party Risk Management, helps organizations manage contracts and make decisions based on the risks of vendor relationships. However, it’s not just about managing contracts in an organized way and staying on top of their expiration dates and clauses. Taking the process a step further and approaching supplier diversity from a risk-based perspective can uncover gaps and potential risks buried deep within the relationships that may be missed during due diligence. Additionally, many organizations must meet regulatory requirements about diversifying their suppliers. How are organizations able to track and prove those efforts? Bryan’s presentation provides insights on how to build a process to mitigate vendor risks and the importance of supplier diversity in third party risk management.

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