Tech think tank participants tackle TPRM, MDM, off-channel comms at CW2023
By Jeff Dale2023-05-16T16:05:00
Technology is rapidly changing business, with new tools that can automate many work processes. But with these new tools come risks that can’t be denied, a think tank comprised of 18 senior compliance professionals discussed at Compliance Week’s National Conference in Washington, D.C. on Monday.
Per the rules of the session, Compliance Week agreed to only relay general themes of what was said by participants without attribution. This provision allowed them to share their perspective without fear of compromising any sensitive information.
The discussion was fashioned around a recent survey CW conducted in partnership with FTI Consulting. Think tank participants were asked the same questions included in the survey, and their responses were compared to the data gathered from the larger poll.
Like the survey respondents, the top concern for many in the room was third-party risk management (TPRM), which one chief compliance officer said they “lose sleep over.” They called conflicts of interest a “never-ending pit,” with compliance, procurement, and the chief information security officer all involved in mitigating risks.
When it comes to TPRM, many in the room spoke about the intersection of vendor management and cybersecurity. With many companies automating jobs that were previously done manually, cybersecurity risks have surged.