Strengthening Contract Research and Third Party Accountability || TPRM Exchange Podcast – Episode 5

Contracts bring risk appetite, business expectations, and third party responsibilities together. But when an incident occurs, performance falls short, or a relationship ends, will the agreement provide the clarity your organization needs? 

In this episode, host Hilary Jewhurst joins Chris Phillips, VP, Procurement & Vendor Risk at Lendmark Financial Services, for a practical conversation about strengthening vendor contracts and making accountability part of everyday relationship management. 

“You're not here to hinder them. You're here to help them.” — Chris Phillips

Drawing on his experience overseeing procurement and vendor risk, Chris shares how early collaboration, clear internal processes, and a risk-based approach can help teams negotiate stronger agreements and manage obligations beyond signature. 

Five topics to listen for: 

• Plan your exit before you sign. Address data return requirements, timelines, and formats upfront to reduce confusion when a relationship ends. 

• Make accountability measurable. Define what the third party must do, when it must act, how performance will be measured, what evidence is required, and what happens when expectations are not met. 

• Revisit contracts as risks change. Consider whether vendor AI adoption, incidents, performance issues, or changes in services create gaps in existing agreements. 

• Know when to escalate. When a vendor will not accept contract changes, identify the missing protections and route risk acceptance to the appropriate decision-makers. 

• Protect your negotiating leverage. Engage procurement, TPRM, legal, information security, and business owners early. Prioritize critical vendors and allow time for reviews, negotiations, and evaluating alternatives. 

Key Takeaway: A contract supports accountability when its obligations are clear, owned, and actively managed. Start with your critical vendors, strengthen internal collaboration, and use ongoing reviews to keep agreements aligned with the relationship’s risks. 

Watch this episode for practical considerations to bring into your next contract review, renewal discussion, or conversation with a business owner.