Create an ongoing and enterprise-wide risk management strategy which ensures third-party providers are a source of strength for your business – not a weak link.
Effective Third Party Risk Management (TPRM) is critical because the organization remains accountable to its customers and markets when third parties fail to deliver goods and services. Six in ten of our clients have suffered their largest reputational impact because of failures by third parties.1
Only a technology-enabled, enterprise-wide program can secure the areas of vulnerability and unite stakeholders across procurement, business, risk oversight and legal to understand where and how third parties are being used and whether that is acceptable. These groups must come together in an organized manner to drive a risk-based selection and management of third parties. Third party risk is a strategic priority whose success rests on four pillars: governance, process, infrastructure, and data. Our framework is laid out below:
1Third Party Risk Management Outlook 2020
Our deep experience supporting the design, implementation and execution of TPRM programs across industries and regions enables us to provide holistic solutions to your TPRM needs.
| Element | KPMG team |
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| Assessment and design of the holistic program |
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| Building block components |
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| Technology enablement |
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Helping execute the program |
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KPMG is proud to again rank No. 1 across multiple risk advisory categories in the Source study: Perceptions of Risk Firms 2023. These categories include First Choice in Financial Risk; First Choice in Third Party Assurance; and 1st for Client Advocacy in Risk.
The latest news and updates on how organizations can manage risk in today's environment.
