Implement and communicate the grading system to relevant parties
Catalogue all existing third-party relationships
Assess and note each relationship's inherent risk
Create a comprehensive documentation of findings
Example targets. Adapt to your baseline before you start.
About this template
The OKR focuses on implementing a robust third-party risk management system. The primary objectives include achieving 95% completion of resilience testing and contingency planning for identified risks. This will be done by identifying, testing, and devising contingency plans for each identified risk in operational processes.
A key part of the OKR involves developing a third-party risk grading system, which will potentially impact 80% of all third-party relationships. This system would be based on key risk factors identified in these relationships. Once developed, the grading system will be implemented and communicated to relevant parties.
The final objective of the OKR is to identify and document all third-party relationships and their inherent risks, striving for 100% coverage. This would involve cataloging all existing third-party relationships, assessing and documenting each relationship's risk exposure, and creating a comprehensive document of these findings.
Taken together, these objectives aim to provide a robust, well-documented and comprehensive risk management system. This will preside over all third-party relations, ensuring a comprehensive understanding, grading, and management of inherent risks.
Make it work for your team
01
Set your baseline. Check where you are today, then choose targets that stretch your team.
02
Agree on ownership. Give each key result a clear owner and a source of data.
03
Check in every week. Review the numbers, share confidence, and decide what needs attention.
Get this template as YAML
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---
title: Implement robust third-party risk management system
objectives:
- title: Implement robust third-party risk management system
outcomes:
- title: Achieve 95% completion of resilience testing and contingency planning for
identified risks
from: 0.0
to: 100.0
score_format: _number_%
initiatives:
- title: Identify and list all possible risks in the operational process
- title: Develop and initiate resilience testing for each identified risk
- title: Devise contingency plans for each risk based on test results
- title: Develop and launch third-party risk grading system impacting 80% of relationships
from: 0.0
to: 100.0
score_format: _number_%
initiatives:
- title: Identify key risk factors impacting third-party relationships
- title: Develop a grading system based on these factors
- title: Implement and communicate the grading system to relevant parties
- title: Identify and document 100% of third-party relationships and inherent risks
from: 0.0
to: 100.0
score_format: _number_%
initiatives:
- title: Catalogue all existing third-party relationships
- title: Assess and note each relationship's inherent risk
- title: Create a comprehensive documentation of findings
Team OKR example
Suggested timeframe: Set with your team
1 objective · 3 key results
Example targets. Adapt to your baseline before you start.