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?
