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As economic recovery picks up speed, businesses are facing a new risk reality. Mounting uncertainty from supply chain disruption, cyber threats and growing inflationary pressure demand that they review their operating models and approach to third-party risk management (TPRM).

It comes as no surprise then that businesses are growing increasingly concerned with their operational resilience and reliance on third and fourth parties. KPMG International’s Third-Party Risk Management Outlook 2022 report reveals that TPRM is a strategic priority for 85% of businesses — up from 77% before the COVID-19 outbreak.

The report, which surveyed 1,263 industry professionals across six sectors and 16 countries, including Singapore, delves into five key challenges of TPRM and offers solutions to transform risk management in this area. Strong leadership and the ability to talk the language of the business — reflecting the priorities that business partners themselves set for third parties — are key. 

Recognising the need for action, while cognisant that there is no quick fix to the challenges faced by TPRM executives, we outline recommendations designed to support a business environment in which TPRM remains high on the boardroom and management agenda throughout the pandemic recovery and beyond.

5 key challenges of TPRM

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