Third Party Risk Management

Third party risk - What can happen...? A few facts.

  • Penalties for violations of the GDPR (data loss/theft and their legal consequences) have risen enormously (click – for a recent example) 
  • Most incidents occur in the operational phase with third parties/service providers
  • A recent global study has found a history of incidents involving third parties/service providers in 56% of all participating companies
  • The key to tackle this challenge lies in a centralized approach to third party risk management
     

Third Party Lifecycle Management @American Express

  • As a company regulated by the US banking supervisory authority, American Express is obligated to implement the resulting requirements for third party/outsourcing management   
  • The Third Party Lifecycle Management Program (TLMP) is a program for actively managing third party/outsourcing risk
  • TLMP is built upon American Express Management Policy (AEMP) 10 which is fully applicable to LP Group & related businesses (being 100% subsidiaries)   

 

Third Party Lifecycle Management @LP

  • To start, coordinate and carry out the process if required is the task of the LP person of contact in the requesting department (or division/team)
  • The requesting department provides (among other things) the so-called Third Party Relationship Manager (TRM) - The TLMP role profiles at a glance 
  • Our cost center managers/department heads are responsible for ensuring that the process is adhered to
  • After successfully completing the audit process, nothing stands in the way of an (e)BANF

 

 

Contact & further Support

Quick Intro & Guidance – Please check for latest version in folder below
Intro to Vendor Onboarding - High Level Process Overview & timeline indications!
Contacts & Help before TLMP – Who to contact before it all starts?
LP OneTrust Vendor Assessment Guidance – All OneTrust assessment questions offline!
Contact & Help during TLMP – Who to contact during TLMP?

Complete & up-to-date guidance documents can be found here:
Y:\PAYBACK\Company_public\Loyalty Partner_Vendor Onboarding_Guidance

Process Governance
PB Operational Excellence: Christian Noebel