The journey to effective third-party risk management (TPRM) is continuing for today's life sciences organizations amid an array of significant challenges.
As the economic recovery picks up speed in today's hyper-competitive environment -- and in the face of supply-chain disruptions, cyber threats and inflationary pressures -- TPRM has become more important than ever. New research by KPMG International shows, however, that life sciences businesses are struggling with significant TPRM issues that include insufficient skills and budgets, underperforming technology, growing threats to business continuity and evolving regulatory requirements.
KPMG's Third-Party Risk Management Outlook 2022 included participation by 1,263 senior TPRM executives working for organizations operating in six major global industries. And as our findings indicate, despite progress by some life sciences firms pursuing TPRM maturity, the outlook for many shows no shortage of challenges -- with most actually reporting that `luck' rather than effective TPRM helped them avoid a major third-party incident during the current pandemic.
