Consulting holds Risk Management webinar

SGV’s Consulting team organized a webinar titled Managing Third-Party Risks using Service Organization Controls (SOC) reports – COVID-19 Considerations on 24 September. The webinar provided a high-level overview on how organizations can manage risks in processes outsourced to third-party service providers through SOC reports.

Consulting Partner Allan W. Ocho (AWO) provided an overview of Trust by Design, a methodology that helps businesses build mutual trust between their company and their third-party service providers. He discussed the key drivers, trends, risks and benefits of third-party risk management, emphasizing the third-party risk assessment process and execution.

AWO and RKC with the Consulting webinar organizing team

SGV Business Consulting Leader Ryan K. Chua (RKC) provided an overview of SOC Reporting, its benefits, importance, and relevance to stakeholders. He also presented sample case studies of SOC Reporting in incident management and payroll processing, among others. He then spoke on the challenges that businesses and their third-party service providers encounter during the pandemic, emphasizing changes to systems and controls. He ended the discussion by presenting action steps that participants may implement in their organizations to maximize SOC Reporting and effectively manage third-party risks.

Over 260 chief risk and compliance officers from various industries, such as banking & capital markets and wealth and asset management sectors, attended the event. Consulting Manager Ma. Isabel Herrera moderated the session. The webinar’s organizing team included Consulting Senior Manager Dara Ledda Urbiztondo, Senior Associates Michelle Helena Uy and Joshua Salvador, and Associate Bianca Monalize Pagarigan.