Resilience in your TPRM Solution

New demands for third-party risk – The expanding regulatory and C-Suite focus on operational resilience reinforces the need for up-to-the-minute information on vendors and their delivery locations. Today’s dynamic risk environment is leading visionary CROs to accelerate the adoption of monitoring for real-time risk intelligence.

The Expanding Scope of Third-Party Risk Intelligence

We can no longer limit our risk intelligence monitoring to only cybersecurity and financial coverage. The current status of a company’s Operations, Compliance, Legal, and ESG programs is essential. Deterioration in any of these areas is an early warning of larger problems on the horizon.

The risk profile of the locations where your service providers are operating is a critical element of your resilience and business continuity program. Weather, violence, government uncertainty, and disease are key indicators of potential disruptions.

Why Location-Specific Risks Are Key to Operational Resilience

Today’s RPA, ML, and AI technology combined with data science enables continuous monitoring to ensure business continuity and resiliency. This technology stack can be leveraged to detect, confirm, and predict risk events, continuously and accurately—at a fraction of the cost of internal, proprietary operations.

Decision guidelines for evaluating Third-Party Risk Management (TPRM) solutions:

1. Does the solution monitor a full spectrum of risk domains – beyond Financial and Cyber - continuously for ‘always-on’ coverage?

2. Does it provide comprehensive location coverage?

3. Does it provide real-time intelligence for early warning to power effective proactive risk mitigation actions?

4. Does it bring leading indicators to our risk team’s immediate attention to enable focus on most today’s most critical risks?

5. Can the continuous, full-spectrum risk intelligence be integrated into our existing third-party risk/GRC architecture to deliver the continuous 360° situational awareness needed to enable enterprise resilience?

Building on these questions, I’ve put together the TPRM Solution Evaluation Checklist below designed to simplify your evaluation of systems available in the market.

The right TPRM solution can enable CROs and their teams to move faster, do more with less, prioritize and act proactively and confidently to avoid disruptions and ensure continuity and operational resilience.

If you're interested in bringing innovation to your TPRM team and continuously monitoring your third parties and their locations, as well as your vendors' third parties and their locations, then book a time with one of our specialists.