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.
The Supply Wisdom Story
“As an industry, we have a responsibility to manage risk in a way that is prudent.”
Kenneth C. Griffin
In the last two decades, large companies have, at an exponential rate, sourced and leveraged third parties around the globe. As a result, today a significant portion of their ongoing operations are now globalized. The very nature of globalizing business operations around the world creates a whole new set of risks of disruptions. These risks come from many different factors such as political, regulatory, weather, cyber, and so many others. There now exists a tremendous need to monitor these factors or any changes in the business environment in order to minimize or avoid costly business disruptions. It’s no longer prudent to assess these risks on an annual, quarterly, or even monthly basis. These are factors that now need to be monitored continuously in near real-time.
At the behest of two of our clients, a financial services company and a pharmaceutical company, we collaborated and co-created a continuous risk monitoring solution. In 2017, Supply Wisdom started leveraging automation to equip companies with early warning, enabling them to focus on risk actions with reduced manual intervention.
Today, Supply Wisdom equips global enterprises with continuous third-party risk monitoring and risk intelligence to minimize the risks of disruption facing all global businesses.
Atul VashisthaChairman & CEO
Atul is the Chairman and CEO of Supply Wisdom. He is a recognized expert on globalization, outsourcing and governance.
John Bree Chief Evangelist & Chief Risk Officer
John is an expert in developing and managing AML/CTF, KYC, Anti-Fraud and Vendor & Third Party Risk Management programs.
Sandeep Suresh Head of Research
Sandeep heads Research and Supplier Relations for Supply Wisdom. He has 20 years' experience in Market Research.
Sudhir GaneshChief Technology Officer
Sudhir heads technology and software initiatives for Supply Wisdom. He brings 20+ years' experience and has headed engineering functions for several companies.
Victor MeyerChief Operating Officer
Victor Meyer held a wide variety of global roles at Deutsche Bank from Group Head of Operational Risk and the Group Anti-Fraud Unit, to Group-wide responsibility for Third-Party Risk Management, Information Security Risk, Operational Resilience, and Protective Intelligence. He is the former Vice-Chairman of the World Economic Forum’s Global Agenda Councils for both Pandemic and Catastrophic Risk.
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