Third Party Therapy Third Party Therapy - Paul Huggett - What does Community Due Diligence deliver?
Third Party Therapy - Series 1, Episode 1
Paul Huggett: What Does Community Due Diligence Deliver?
In this debut episode of Third Party Therapy, host Mike Day sits down with Paul Huggett, Managing Director at Hellios and former TPRM lead at major financial institutions like Nationwide and Lloyds Banking Group.
Here is the optimized, "copy-paste" set of show notes for Episode 1: Paul Huggett, designed to perform across Spotify, Apple Podcasts, and YouTube.
Show Notes: Paul Huggett | What Does Community Due Diligence Deliver?
Episode Summary: TPRM has moved from a "check-the-box" exercise to a high-stakes regulatory requirement. In this debut episode of Third Party Therapy, Mike Day is joined by Paul Huggett, Managing Director at Hellios and former TPRM lead at Nationwide and Lloyds. Paul shares his journey from "poacher to gamekeeper" and explains how the Community Due Diligence model is solving the industry's biggest headache: the "many-to-many" web of repetitive supplier questionnaires.
🕒 Timestamps (Clickable on YouTube)
00:00 – Introduction: The evolution of TPRM since the 90s
05:20 – Paul’s Journey: From Practitioner to Managing Director
12:45 – The "Many-to-Many" Problem: Why the current model is broken
18:10 – What is Community Due Diligence? (The "Collect Once, Share Many" model)
26:30 – Big Banks vs. Small Firms: How different sized companies benefit
34:15 – Crisis Management: Using community data during the Russia-Ukraine conflict
42:50 – The Future of Tech: Why AI is the "new cloud"
51:10 – The Golden Rule: Why technology won't solve a data problem
55:30 – Closing thoughts and how to get started
💡 Key Takeaways
- The Efficiency Win: In a community model, suppliers provide data once to a central "pool," which is then accessed by dozens of buying firms, saving thousands of hours in administrative work.
- Speed of Response: Learn how community models allowed firms to map their entire supply chain exposure to global conflicts in minutes rather than weeks.
- Avoid the "Shiny System" Trap: Paul warns against buying expensive workflow tools before you have a solid data strategy—don't just buy a "shinier problem" to grapple with.
- ESG & Pooled Audits: The next frontier is moving beyond data collection into virtual site visits and shared environmental, social, and governance assessments.
🔗 Connect & Resources
- Official Website: thirdpartytherapy.com
- Join the Community: Sign up for our mailing list for TPRM deep-dives.
- Guest Info: Learn more about Helios and Paul Huggett at [Insert Link].
Search & SEO (Optimized for YouTube)
Keywords: #TPRM #ThirdPartyRiskManagement #CommunityDueDiligence #SupplyChainRisk #Helios #FSQS #RiskManagement #FinancialServices #ThirdPartyTherapy #RegulatoryCompliance