Stop Treating Every Vendor the Same: Daniel Liu on the Real Work of Third Party Risk

In this episode of The Third Party Risk Institute Podcast, Linda Tuck Chapman speaks with Daniel Liu, Managing Director of Enterprise Risk Management at TMX Group, about what effective third-party risk management really looks like inside complex, regulated organizations.Daniel shares practical insights from his experience across enterprise risk management, operational risk, financial services, data analytics, and regulatory environments. The conversation explores how operational risk and TPRM functions should work together, why risk culture matters, and why risk teams must move beyond checklists, policies, and one-time due diligence.This episode covers key topics including third-party risk management, operational risk management, enterprise risk management, vendor segmentation, concentration risk, fourth-party risk, exit planning, regulatory expectations, operational resilience, OSFI expectations, first line and second line responsibilities, ongoing monitoring, and risk-based due diligence.Listeners will also hear why vendor segmentation should be based on criticality and inherent risk, not spend or relationship history, and why overlooked risks such as exit risk, subcontractor exposure, change in control, and scope creep can create serious operational and regulatory challenges.This is a valuable conversation for risk leaders, TPRM professionals, procurement teams, compliance officers, auditors, financial services executives, and anyone responsible for building stronger third-party risk and operational resilience programs.🎧 Enjoying the podcast? Explore more resources, expert insights, and certification programs at www.thirdpartyriskinstitute.com📱 Follow us on LinkedIn for real-world conversations and industry trends: Third Party Risk Institute Ltd.📬 Have a question or topic you'd like us to cover? Email us at: [email protected]