Supply Wisdom: Real-Time And Continuous Risk Intelligence And Monitoring
What Can You Do With Supply Wisdom?
Strengthen Third Party and Location Strategy, Selection and Negotiations
Who Needs TPRM?
Third parties play a significant role in global business sourcing. When enterprises increase their reliance on third parties, they also open themselves to risk from third-party operations. Third party risks can have a far-reaching impact.
TPRM seeks to institute mechanisms to identify, quantify, monitor, and mitigate a variety of third-party risks.
Fortune 1000 enterprises rely on thousands of third parties for their business operations. Many of these enterprises, especially in Banking, Financial Services, Insurance, and Healthcare are subject to oversight from a variety of regulators. As OCC/FINRA/HIPAA & other regulations, data protection and privacy laws, and laws relating to outsourcing increase, enterprises must have a program to ensure compliance, due diligence, and reporting.
This is where TPRM programs strive to ensure business certainty.