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The Macro-Economic Trends Tearing Through Third-Party Risk

Matt Kelly | November 23, 2015

TORONTO—I had the good fortune today to attend the Thomson Reuters Financial Risk Summit, where Thomson had asked me to speak on a panel about third-party risk management. This is one of my favorite compliance subjects, and I planned to begin with one of my favorite points about it: that many companies still struggle simply to define and count all the third parties they have.

A big reason for that struggle is lack of effective, enterprise-strength IT. Companies have been acquiring each other in a low-interest rate frenzy for years now, and as a result, compliance officers are mired in a swamp of business software systems—all of them kinda sorta answering the questions you have, but never quite giving you that clear, comprehensive answer you want. Sound familiar?

One compliance officer told me her business now has fifty-five different accounting software systems, thanks to a corporate strategy...

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