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
NeoGroup, Inc. has been monitoring suppliers and locations around the globe since 1999. During that time 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, 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 monitor these risks on an annual, quarterly, or even monthly basis. These are factors that now need to be monitored continuously in near real-time.
In 2010, at the behest of two of our clients, a financial services company and a pharmaceutical company, we collaborated and co-created a risk-monitoring solution. Supply Wisdom was born out of this need for an early warning service to help clients detect and prevent disruptions.
Today, Supply Wisdom equips global enterprises with continuous third-party risk intelligence, real-time risk monitoring, in-depth risk assessments, and health scorecards to minimize the risks of disruption facing all global businesses.
Atul VashisthaChairman & CEO
Atul is the Chairman and CEO of Neo Group and Supply Wisdom. He is a recognized expert on globalization, outsourcing and governance.
Casey Alexis Director of Customer Experience
Casey is Director of Customer Experience for Supply Wisdom. Casey’s focus is on Customer Satisfaction and User Experience.
John Bree Partner & SVP
John is an expert in developing and managing AML/CTF, KYC, Anti-Fraud and Vendor & Third Party Risk Management programs.
Sandeep Suresh Head Research
Sandeep heads Research and Supplier Relations for Supply Wisdom. He has 20 years' experience in Market Research.
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