3rd Party Risk Management , Governance & Risk Management

Managing Third-Party Risks: Technology's Role

Managing third-party risks must start with due diligence activities, and technology can play an important role, says Julian Colborne-Baber, forensic partner at Deloitte in the U.K. (See: Sizing Up Cyberthreats in the Financial Services Sector)

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“Technology increasingly is playing a key role in supply chain risk management. One important area is the technology to support due diligence activities," Colborne-Baber says. "One needs to have the ability to capture certain information related to third parties ... and bring that data into your system. Additionally, there are tools that are effectively able to screen for third parties against risk domains.

In this video interview with Information Security Media Group, Colborne-Baber also discusses:

• Top challenges for financial institutions dealing with third parties and supply risk challenges;
• How banks redefining their supply chain risks;
• What tools can be leveraged to assess large-scale risks.

At Deloite, Colborne-Baber specializes in forensic advisory services and conducting financial crime investigations. He has advised on a number of cases involving anti-money laundering, corruption, sanctions, fraud and accounting irregularities.