Vendor Management Program - Risk Assessment, Effective Controls, Best Practices to Minimize 3PV Risk

Why Should You Attend:

Third party vendors present innumerable risk. Regulators hold management and the board of directors responsible and accountable. This webinar will discuss the need to develop a third party risk management process that aligns with ERM, the need to know your vendor, the necessity to employ a culture of integrity embedded in the organization, the need to proactively identify where you are vulnerable to risks related to your third party vendors or you can’t prevent the risk from materializing, and the importance of monitoring your changing vendor landscape with a risk based approach in order to focus your efforts effectively.

Finally, the session will also focus on why not documenting vendor feedback and sharing fraud schemes means you are losing the opportunity to prevent and detect vendor misconduct.

Areas Covered in the Webinar:

• Five Elements of a Successful Vendor Management Program:
• Vendor Culture – Setting the right tone and commitment to integrity and ethical values in every step of vendor engagement.
• Vendor Risk Assessment – Importance of interjecting vendor risk assessment into your ERM and fraud risk assessment process to identify vulnerabilities created by third party vendors as it relates to these risks: strategic, operational, compliance, financial, fraud and reputational. Key with regulators.
• Ensuring Effective Controls Around Vendor Management: Such as 1) vendor due diligence programs, and 2) strong contracts to prevent problems.
• Monitoring Vendor Programs – Detecting issues early on is key to minimizing losses and reputational damage, including establishing controls to monitor red flags of vendor-related fraud schemes.
• Vendor Communication – Sharing information related to vendor feedback with internal audit, external auditors, procurement and all finance groups.
• Case Study

Who Will Benefit:

• CEO, CFO
• Chief Risk Officer
• Chief Compliance Officer
• Chief Security Officer
• Legal/Regulatory Counsel
• Compliance Professionals
• Controllers
• Accounting and Finance Professionals
• Audit and Finance Committee Members
• Chief Procurement Officer
• Purchasing Department
• Internal Audit Manager/Director
• Employees who hire and pay vendors

Instructor Profile:

Anne M. McFadden, CPA, CFE, CFF, CGMA, has over 30 years of experience as a business leader, forensic accountant, fraud investigator, risk manager, and compliance professional. Her experience includes directing and performing high-profile, mission-critical projects, and sensitive investigations related to financial reporting fraud, misappropriation of assets, and corruption, where cases involved C- Suite executives and potential exposures were in the millions to billions of dollars.

She has over 7 years of experience in Big Four accounting firms leading the forensic accounting component of complex financial investigations and dispute matters and working with the audit teams of SEC registrants as the fraud subject matter expert.

Ms. McFadden has the requisite credentials that boards and governance professionals want to see for fraud and misconduct investigators: Certified Public Accountant (CPA), a Certified Fraud Examiner (CFE), is Certified in Financial Forensics (CFF) by the AICPA, and holds the Chartered Global Management Accountant Designation (CGMA) from the AICPA. She has successfully designed and implemented organization-wide fraud risk management and compliance programs for public sector and nonprofit organizations to prevent, detect, and deter fraud.

Additionally, Ms. McFadden has extensive experience in both the public and private sector performing fraud risk assessments, designing and conducting fraud awareness training, designing monitoring projects, and assisting audit teams with the consideration of fraud. She is currently a Social Security Administration Representative Payee, FINRA Arbitrator and has been appointed to the NASDAQ Listing Qualifications Hearing Panel and the Disciplinary Hearings Panel for the Nasdaq OMX PHLX Futures Exchange. She is an affiliate member of Medica, LLC.

Topic Background:

Organizations today are increasingly using third party vendors to perform a wide variety of services such as outsourcing accounts payable, hosting human resources in the cloud, hiring a third party to provide their information security function or making financial payments and holding assets. There are numerous risks associated with using third party vendors in this manner and management is responsible for addressing these risks and ensuring the activity is performed in compliance with laws and regulations. Regulators have responded accordingly, acknowledging these higher risks, and possibly global turmoil, through laws and regulations such as the Sarbanes Oxley Act, the Gramm-Leach-Bliley Act, the FCPA, the Health Insurance Portability and Accountability Act, as well as the Payment Card Industry Data Security Standard (PCI DSS) requirements.

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