By Bill Fortwangler, Adjunct Faculty, Heinz College of Information Systems and Public Policy
Stepping into a role with responsibility for third-party risk management can feel overwhelming. You’re managing contracts, monitoring vendors, and balancing risk against business needs. But leadership in this space isn’t just about process–it’s about people. Here are three lessons I’ve learned that can set new leaders up for success.
1. Learn the Art of Negotiation
Your vendors will live up to the agreements you make with them–no more, no less. That means you need to get comfortable with contracts and negotiations. The fine print on licensing, termination clauses, and renewals can save or cost your organization millions. Don’t leave it to chance.
2. Treat Vendors as Partners
I’ve seen leaders fail because they disrespected their suppliers. Vendors aren’t adversaries–they’re critical partners. Build trust, get to know them personally, and treat them with respect. Strong relationships create better outcomes when challenges arise.
3. Keep Training Yourself
Risk management isn’t static. New threats, regulations, and technologies emerge constantly. Invest in learning–from enterprise risk practices to IT-specific oversight. The more you understand the landscape, the better you can lead.
Final Thought
Leadership in third-party risk management isn’t about control. It’s about clarity, respect, and continuous learning. Build strong contracts, build strong relationships, and never stop sharpening your skills. That’s how you become a trusted leader in this critical space.
Bill Fortwangler is Executive Vice President and Chief Information Officer at Dollar Bank and an adjunct professor in Carnegie Mellon University’s Chief Information and Digital Officer (CIDO) Certificate Program. With more than 30 years of IT leadership experience across financial services, manufacturing, and education, he is known for transforming legacy organizations into proactive, value-driven business partners. Recognized as CIO of the Year by the Pittsburgh Technology Council, Fortwangler brings a pragmatic, people-first approach to leading large-scale technology and culture change—expertise he now shares with CIDO participants preparing to elevate their own impact as digital leaders.
Learn from leaders like Bill Fortwangler in the Chief Information and Digital Officer (CIDO) Executive Education Program at Carnegie Mellon University’s Heinz College.