22-09-825 - Third Party Risk Management

AIMCo, like many other organizations, outsources some of its business functions, activities, and processes to meet the challenges of technological innovation, increased specialization, and/or cost control. Outsourcing increases AIMCo’s dependency on third parties thus, increasing AIMCo’s risk profile. In addition, AIMCo regularly engages in business relationships which exposes AIMCo to third party risks across several risk domains.

Following an organizational transformation in 2021/22, the responsibility for second line Third Party Risk Management (TPRM) was assigned to Enterprise Risk Management (ERM). ERM is looking to undertake a thorough review of AIMCo’s current approach to TPRM across enterprise processes, complete key risk management activities such as articulation of a risk appetite statement and corresponding Key Risk Indicators (KRI), and the development an implementation roadmap to elevate the TPRM capacity and maturity at AIMCo over the coming years.