2 customisable OKR examples for Third Party Relationship Manager
What are Third Party Relationship Manager OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
Creating impactful OKRs can be a daunting task, especially for newcomers. Shifting your focus from projects to outcomes is key to successful planning.
To aid you in setting your goals, we have compiled a collection of OKR examples customized for Third Party Relationship Manager. Take a look at the templates below for inspiration and guidance.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Third Party Relationship Manager OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Our customisable Third Party Relationship Manager OKRs examples
You will find in the next section many different Third Party Relationship Manager Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).
Hope you'll find this helpful!
1. OKRs to implement robust third-party risk management system
- Implement robust third-party risk management system
- Achieve 95% completion of resilience testing and contingency planning for identified risks
- Identify and list all possible risks in the operational process
- Develop and initiate resilience testing for each identified risk
- Devise contingency plans for each risk based on test results
- Develop and launch third-party risk grading system impacting 80% of relationships
- Identify key risk factors impacting third-party relationships
- Develop a grading system based on these factors
- Implement and communicate the grading system to relevant parties
- Identify and document 100% of third-party relationships and inherent risks
- Catalogue all existing third-party relationships
- Assess and note each relationship's inherent risk
- Create a comprehensive documentation of findings
2. OKRs to strengthen and streamline third-party relationships
- Strengthen and streamline third-party relationships
- Reduce complaint resolution time by 25%
- Incorporate automation in handling complaints
- Streamline the complaint escalation process
- Implement efficient customer service training programs
- Increase the number of interaction touchpoints by 30%
- Organize webinars or live streams monthly
- Implement customer surveys and weekly newsletters
- Utilize social media platforms for engaging customers
- Improve third party satisfaction by 20% through surveys
- Implement regular survey distribution to third parties
- Improve identified areas causing dissatisfaction
- Engage and address feedback from satisfaction surveys
Third Party Relationship Manager OKR best practices to boost success
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
Focus can only be achieve by limiting the number of competing priorities. It is crucial that you take the time to identify where you need to move the needle, and avoid adding business-as-usual activities to your OKRs.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
Tip #2: Commit to weekly OKR check-ins
Having good goals is only half the effort. You'll get significant more value from your OKRs if you commit to a weekly check-in process.
Being able to see trends for your key results will also keep yourself honest.
Tip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
How to turn your Third Party Relationship Manager OKRs in a strategy map
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Third Party Relationship Manager OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to enhance customer experience in Car Rental booking OKRs to streamline human resources tasks including payroll and work permits OKRs to attain the second Michelin star for the restaurant OKRs to boost efficiency and effectiveness of Prod Support/Service desk OKRs to accelerate product scalability for multi-tenant utilization OKRs to broaden creative and innovative capabilities in sales reporting analytics
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
What's next? Try Tability's goal-setting AI
You can create an iterate on your OKRs using Tability's unique goal-setting AI.
Watch the demo below, then hop on the platform for a free trial.