CIO Academy Asia (CIOAA) organised a virtual half-day conference on 10th June on “Managing third party risk in the Digital First Age.” P. Ramakrishna (Rama), the CEO of CIOAA, kicked off the discussion with his opening remarks. The expert speaker was Lawrence Ang, former CIO of MAS, currently Founder and Executive Director of Landz Consulting. The other tech partner speakers were David Chan, Managing Director of Adnovum and Ian Tan, Senior Director SEA of Axway. The virtual conference culminated in breakout sessions by Singapore participants from various industry sectors who participated in the online event.

After the sharing of main discussion points emerging from the breakout sessions, David Chin, the Deputy CEO of CIOAA, closed the virtual session.

This report is based on the insights shared by speakers and participants during the virtual engagement.

We have been witnessing massive investments in digital transformation across industries. The driving force behind these investments are the new technologies and the disruption they are causing in the business landscape, leading to the rise of the Digital-first age.

This digitalisation has been taking place not only in technology infrastructures; it also has a transformative influence on the operations, customer engagements, and even fundamental business models of organisations. Often, these transformations are facilitated by third party vendors, partners, collaborators, consultants—as most organisations do not possess all the capabilities and in-house skills to manage their digital transformation efforts to stay competitive in the market.

While digital transformation can help organisations capture new growth opportunities, they also introduce new risks in the process which they have not encountered before, adding additional layers of complexities to their existing risk profile…

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