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What to Include In a Third-Party Risk Board Report Package

4 min read
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In the past, we covered that the board needs to be involved in your vendor management program and how to figure out if they're involved enough. We also covered important points on what vendor management information you should be reporting and particular reports to share with the board.  

The board needs to see reporting, but you don't want to give too specific or too general of information. So, what are the appropriate materials to provide?

Example Board Reporting Vendor Management Package  

While the guidance is pretty clear, let's go over an example of what I’d include in a board report package.

1. Memo: First, I’d write out an actual memo detailing: 

  • The status of the third party risk management program
  • Any significant changes with third parties
  • Any new third parties
  • Any planned terminations
  • Any big news events
  • Make mention of what risks – current or future – these third parties’ actions might have to my institution

Turning that in, I realize not everyone is going to take the time to read it, so I’d also create an accompanying PowerPoint presentation.

2. PowerPoint: The PowerPoint presentation should cover all areas of the third party program and is usually used in conjunction with an actual report-out in a committee meeting. Not saying this is all encompassing, but a best practice I have seen at several institutions might have a report that looks like this:  

  • Cover slide: Monthly report at XYZ Institution Enterprise Risk Committee with my name and date  
  • Slide 2: Total third parties in inventory – number of new additions and any terminations  
  • Slide 3: Total third parties by risk rating based on risk assessments completed – number of critical and non critical and then ranked high, medium or low by regulatory risk… and any significant changes  
  • Slide 4: Due diligence completed and in process. Any areas of concern or any policy waivers required if a piece of documentation is not available  
  • Slide 5: Ongoing monitoring activities – any items of note, along with volume and frequency and findings  
  • Slide 6: Contract management – tracking of upcoming renewals and terminations, any items related Service Level Agreement reporting  
  • Slide 7: Next Scheduled Presentations  

As you see, these slides tie very closely to the pillars laid out in the guidance. It’s a simple way to cover all of your bases and in a clear, concise and easily replicated format.  


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