Exploring third-party risk management for internal audit leaders
KPMG Ask the Experts Insights
With organizations increasingly dependent on external parties, robust third-party risk management (TPRM) programs are essential. As risk management and compliance evolves to increase coverage of third-parties, internal auditors are experiencing a significant shift to focus on TPRM. This shift requires auditors to be well-resourced and equipped to provide valuable recommendations, while balancing risk mitigation with efficiency, using a coordinated three lines of defense model for comprehensive oversight.
In the recent webcast, Ask the Experts: Exploring third-party risk management in the age of automation and GenAI, industry leaders shared valuable insights on the transformative role of TPRM and IA’s opportunity to shine. The discussion emphasized adopting a risk-based approach, leveraging technology for due diligence, and fostering collaboration between internal audit and stakeholders.
Key Insights
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5 things IA professionals need to do now
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What’s on the mind of IA professionals
Statistics are based on polling data from our September 2024 Ask the Experts webcast. To see the full audience polling results, download our infographic here.
of respondents stated that the percent of their audit plan focused on TPRM was less 10%. An additional 38% responded it was between 11-25% of the plan.
of respondents said their TPRM audit program was basic or nonexistent, indicating a significant need for improvement.
of professionals reported that their focus area in their TPRM audit program is cyber and information security. The second highest focus was reg. comp. at 19%.
of professionals don’t feel that they are properly resourced, with the minimum staff and proper tools/data to support their TPRM audit program.
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Exploring third-party risk management for internal audit leaders
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