Recording the metrics and other performance indicators is important to the success of your third party relationships - both in terms of setting expectations and in evaluating your future relationships.
You can easily record your Key Performance Indicators (KPIs) in Corterum. To do this:
Click WORKBENCH and then click DATASETS.
Then click SM&CR.
Then choose Senior Managers Regime.
Then click on Outsourcing.
Then select Outsourced functions.
A list of all third party providers for which you have recorded outsourced functions will appear.
If a functions record has not yet been created, you would need to create a new one - see here for more details. Create this record, and then follow steps 8 onwards below.
To add a KPI table dataset to an existing record - click on the supplier you'd like to amend.
A new pop-up window will appear.
Scroll down to the Key Performance Indicators section.
If you are editing an existing assessment and this section has been used previously, the button will say VIEW TABLE (click it and skip to Step 15 of this section). If this is the first time this section has been used, the button will say LINK TABLE.
Click the button and a new pop-up will appear.
This pop-up asks if you want to create a new dataset, or link to an existing one. If you have recorded this information elsewhere - in another dataset click the Existing button and choose which dataset you want to link from the the list under Linked Entity. Otherwise, you'll need to create a new table dataset. Select New.
Once you have chosen New or Existing, click CONFIRM to proceed or CANCEL to go back to the regulatory reference request record.
A new pop-up box will appear.
You can give a descriptive name to this dataset under Dataset description, and then choose the name of the third party from the dropdown list next to KPIs. NB - if the business which is providing the outsourced function doesn't appear in this list, you'll need to create it as a Business Entity first - here's how).
If this is a blank table, with no information in it currently, skip to step 18. Otherwise if there is already information here you can update an existing row here by clicking the EDIT button, or add a new additional information request for the same person here by clicking ADD ROW, and following the steps below.
In this table dataset (reading from left to right) you can:
Record the outsourcer to whom these KPIs apply by choosing them from the dropdown list under Outsourcer. NB - if the business which is providing the outsourced function doesn't appear in this list, you'll need to create it as a Business Entity first - here's how).
Use the text box under Contract reference to provide a reference number for this contract if you have one.
Use the text box under Key Performance Indicator (KPI) to record the details of the performance indicator you are measuring.
Use the dropdown box under KPI status to provide a RAG status for this KPI.
Use the text box under Monitoring arrangements to record the details of how you are monitoring this KPI.
Then use the Remediation measures (if any) to record any steps taken to meet this KPI.
Use the date picker box under remediation deadline to record the date by which any remediation action must be complete.
Use the date picker under Remediation date to record the date when the remediations was actually completed.
Use the dropdown under Accountable executive to choose the member of your firm responsible for this relationship and its performance.
Use the text box under Outsourcer contact to confirm who in the third party firm is the key contact.
Finally, you can use the button under the Documents section to upload any necessary supporting documents.
Once done, if you need to add another KPI for this firm, click ADD ROW and repeat the steps under point 18 above.
Finally, click SAVE and then CLOSE.