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1 OKR example for Third Party Risk Management

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Tability is a cheatcode for goal-driven teams. Set perfect OKRs with AI, stay focused on the work that matters.

What are Third Party Risk Management 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 Risk Management. 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.

The best tools for writing perfect Third Party Risk Management OKRs

Here are 2 tools that can help you draft your OKRs in no time.

Tability AI: to generate OKRs based on a prompt

Tability AI allows you to describe your goals in a prompt, and generate a fully editable OKR template in seconds.

Watch the video below to see it in action 👇

Tability Feedback: to improve existing OKRs

You can use Tability's AI feedback to improve your OKRs if you already have existing goals.

AI feedback for OKRs in Tability

Tability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.

Third Party Risk Management OKRs examples

You'll find below a list of Objectives and Key Results templates for Third Party Risk Management. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.

Hope you'll find this helpful!

OKRs to implement robust third-party risk management system

  • ObjectiveImplement robust third-party risk management system
  • KRAchieve 95% completion of resilience testing and contingency planning for identified risks
  • TaskIdentify and list all possible risks in the operational process
  • TaskDevelop and initiate resilience testing for each identified risk
  • TaskDevise contingency plans for each risk based on test results
  • KRDevelop and launch third-party risk grading system impacting 80% of relationships
  • TaskIdentify key risk factors impacting third-party relationships
  • TaskDevelop a grading system based on these factors
  • TaskImplement and communicate the grading system to relevant parties
  • KRIdentify and document 100% of third-party relationships and inherent risks
  • TaskCatalogue all existing third-party relationships
  • TaskAssess and note each relationship's inherent risk
  • TaskCreate a comprehensive documentation of findings
third-party-risk-managementresilience-testingrisk-management-specialistthird-party-relationship-managerrisk-management-teamthird-party-management-team
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Third Party Risk Management OKR best practices

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

The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the 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

Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.

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.

Save hours with automated OKR dashboards

AI feedback for OKRs in Tability

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

We recommend using a spreadsheet for your first OKRs cycle. You'll need to get familiar with the scoring and tracking first. Then, you can scale your OKRs process by using Tability to save time with automated OKR dashboards, data connectors, and actionable insights.

How to get Tability dashboards:

  • 1. Create a Tability account
  • 2. Use the importers to add your OKRs (works with any spreadsheet or doc)
  • 3. Publish your OKR plan

That's it! Tability will instantly get access to 10+ dashboards to monitor progress, visualise trends, and identify risks early.

More Third Party Risk Management OKR templates

We have more templates to help you draft your team goals and OKRs.

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