Powered Enterprise | Risk – Third Party Risk Management

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.

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.