Efficiency, consistency among goals of modernized TPRM program
Companies have shown a willingness—excitement, even—to invest in technology to enhance their third-party risk management (TPRM) efforts. But that doesn’t mean new opportunities don’t remain.
A survey conducted by Big Four firm KPMG last year found less than half (46 percent) of all TPRM tasks were being automated. The research represented the views of 1,263 senior TPRM professionals across 16 countries worldwide. Respondents projected the number of TPRM tasks supported by automation would rise to 58 percent within three years.
Against this backdrop, two managing directors at KPMG—Joy St. John and Eric Parker—discussed TPRM programs and technology modernization during a webcast sponsored by software vendor ServiceNow and moderated by Compliance Week in September. St. John and Parker shared how firms are making strides in building robust TPRM programs for the future, while Brian Federle of ServiceNow discussed how the company’s solution helps drive process standardization and key management insights.