TPRM Summit takeaways: Tech risks, board and audit relationships
New technologies like generative artificial intelligence (AI) could have significant impact on the third-party risk management (TPRM) landscape, but businesses must account for bearing ultimate responsibility.
Such was among the points of discussion at Compliance Week’s TPRM Summit held June 27-28 in Atlanta. The event, conducted concurrently with CW’s first Women in Compliance Summit, attracted nearly 300 compliance and risk practitioners for two days of learning dedicated to TPRM best practices.
During a session on use of AI in TPRM efforts, Karen Coker, director of third-party risk and vendor management at fintech LendingPoint, shared what she expects to see from AI before implementation.
“I’m looking for something that’s efficient, going to manage workflows, gather information, and avoid workarounds to the controls we have in place,” said Coker, who added the goal is for the technology to remain agile and help her program with a risk-based decision.
But she stressed, “When we talk about regulators and auditors … it always comes back to the responsibility is still on my program. So, I have to choose something that is going to keep me from getting in trouble.”
Other standout topics addressed during the event included: