Powered Enterprise | Risk – TPRM

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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.

A clear view of your third-party risk management program and processes

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.

Jamie Thompson

Global Powered Risk Leader

KPMG in the UK

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1KPMG Target Operating Model

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Use specialized on demand services to drive continuing evolution and innovation. Keeping pace with the latest developments in technology and leading practice allows you to make transformation a way of business.