Managing third-party risk can be a challenge. Delivering today's products and services increasingly relies on an interconnected ecosystem of suppliers. While third parties are necessary and valuable partners for critical business functions, they also present risks. A clear strategy for onboarding and monitoring suppliers is more vital now than ever. Procurement, risk oversight and multiple stakeholders need a unified approach.
What are the current challenges in managing third-party risk today?
- Increased regulatory expectations create a need for a robust approach
- Poor risk management can lead to fines, uninformed decision making, ineffective monitoring
- Cross organization complex processes cause inefficiencies and a poor user experience
- Complex operating model creates silos, lengthy cycle times, and unclear risk ownership
- Overly manual processes and failure to harness the benefits of that automation can bring.
A clear view of your third-party risk management program and processes
Pre-configured and quick to deploy, Powered Risk - TPRM simplifies workflows to accurately identify, monitor, manage and mitigate third-party risks. With data in one place, real-time monitoring, and reporting, it integrates seamlessly with your holistic Enterprise Risk Management program.
This creates a platform for TPRM designed to reduce risk and provide:
- A strong compliant and consistent framework across the enterprise
- Risk-based and robust screening, due diligence, and scoring and workflow
- Automation of inherent risk assessment and due diligence activities
- Reduced on-boarding cycle times and program costs with optimized and streamlined processes
- Ability to oversee the TPRM process in real time to enable resolution of bottlenecks and identified issues
- Integration with complementary processes and tools (procurement and contract lifecycle management)
Imagine a future of third-party risk that is compliant, consistent, efficient, and integrated.
KPMG Powered Enterprise | Risk - TPRM, enabled by market leading platforms.
Find out how Powered Risk – TPRM can help you
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