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Third Party Thursday

MAY 28, 2020

5 Signs It's Time to Augment Third-Party Risk Staff

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With so many different components and responsibilities involved in third-party risk management, organizations may not have the internal capabilities to properly manage every step of the process. Listen to this podcast to learn how to determine if your organization could benefit from outsourcing vendor management support.

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Podcast Transcript

nicole-grey-circle

Hi – my name is Nicole O’Brien with Venminder.   

At Venminder, we have a team of industry experts who specialize in managing vendor risk and giving third-party risk management program advice, in various industries, daily. 

In today’s podcast, I am going to talk about 5 tale-tell signs that it might be time to outsource support to your third-party risk roster.

Many organizations are facing unprecedented issues with staffing needs now and its often a tough call to decide when to pay for external assistance with daily responsibilities.

So, when is it really time? Here are 5 things to look for: 

  1. First, a decline in quality. Missed deadlines, customer complaints and inconsistencies in product or service delivery are all signs that demand is surpassing your organization’s ability to dedicate the time and talent needed to supply the quality of work.
     
  1. Second, communication issues. If you notice a breakdown or decrease in internal dialogue or an increase in escalating seemingly small issues, its usually a sign that your lines of communication are frayed or broken.

  1. Third, information security issues. Unfortunately, an increase in staff cuts or maintaining limited staff is often at the expense of valuable experience and the team members necessary for maintaining the appropriate level of information security controls.

  1. Fourth, evidence of poor work-life balance. With all the aforementioned issues, it’s likely that your reliable employees may start declining meetings or put off using PTO just to hit standard business deadlines. This is a sign that the environment is getting overwhelmed and that the required workload might be impractical or even unmanageable and this can really hurt the heart of your whole operation.

  1. And as such, you’ll start to see Number 5, rapid turnover. Many changes in staff can cause frustration, gaps in production and workload imbalances. The existing processes and procedures that are going well could start to unravel and that’s when you really know its time.

So there you have it – a decline in quality and communication, information security issues, evidence of poor work-life balance and/or rapid turnover are all signs that augmenting staff might just be the life line you need.

Hope you found this helpful. Thanks for tuning in and hope to catch you next time.

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