Introduction: Third-Party Risk Management and Monitoring Summit | Article

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A panel comprised of senior compliance officials from ADM, Delta Air Lines, FedEx and Victoria’s Secret shared an overview of the changes their respective organizations have made regarding TPRM since the onset of the Covid-19 pandemic in 2020. Vera Powell , senior legal counsel, ethics and compliance at Delta Air Lines, noted the risks her company was running both by reducing and safeguarding its aircraft fleet as global travel restrictions came and went, while Ben Bard , vice president, global chief compliance officer and chief audit officer at ADM, spoke about the benefits of being able to reallocate budget resources from travel and entertainment to improving his company’s due diligence efforts.

“Don’t take anything away from the travel budget,” Powell quickly joked in response.

One thing the panelists all agreed on is that TPRM’s efforts have been crucial as businesses grow with the worst of the pandemic seemingly (and hopefully) behind us.

“There’s a lot of excitement in doing a lot of new things,” said Forrest Deegan, vice president of ethics and compliance for Victoria’s Secret. “The volume is up from what it was, but also the different and new types of questions that are being asked of us. Even if you have the resources in place, this prioritization is essential. … We have to move with the times.

This evolution is something I’m excited to explore further as CW’s TPRM & Oversight Summit kicks off Monday in Chicago. The two-day conference is solely dedicated to sharing knowledge and experiences within TPRM, with a strong agenda offering best practices, benchmarking opportunities, and more.

The event will include a speech by Linda Tuck Chapman, Managing Director of the Third Party Risk Institute, and a fireside chat where I will interview Melanie Gallagher, Head of TPRM at Intuit, about the impact of Russia sanctions on business partnerships. and world trade. Panel discussions will explore emerging risks in areas such as cybersecurity; environmental, social and governance (ESG); and data privacy.

I look forward to being back in person for the second time in less than a month to continue the conversation started in Washington and to hear more from compliance practitioners about the status of their TPRM efforts in this new environment. Follow us on Twitter with the hashtag #TPRMSummit22 for updates throughout the event and stay tuned to CW for additional coverage.

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