Private fund managers rely on third parties for a variety of critical services. Identifying and managing those relationships in a systematic way is essential to minimizing enterprise risk and ensuring compliance with regulatory requirements. A recent MyComplianceOffice (MCO) presentation provided a framework for developing a program for managing third-party relationships. Although the primary focus of the program was on the broader financial services industry, the principles discussed are relevant to outsourcing decisions made by fund managers and their dealings with administrators, technology vendors, research firms and other key third parties. The program was hosted by Joe Boyhan of MCO and featured Linda Tuck Chapman, president of Ontala. This article summarizes the key takeaways from the presentation. For coverage of other MCO programs, see “Reading the Regulatory Tea Leaves: Recent White House and Congressional Action and Insights From SIFMA and FINRA Conferences” (Jul. 20, 2017); and “What the Record Number of 2016 SEC and FINRA Enforcement Actions Indicates About the Regulators’ Possible Enforcement Focus for 2017” (Dec. 15, 2016).