Maturing TPRM with Real Time Data
Case Studies
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Crowe & Supply Wisdom partner to deliver next-generation, cross-domain monitoring technology with top-quality professional services - enabling your program and resources to focus on managing risk efficiently and effectively for third party risk management programs.
The Challenge
Our client was under pressure from leadership to expand the risk domains in-scope for their program, but lacked the information, procedures, and expertise to do so independently.
The Results
Increased emphasis on the identification and assessment of critical vendors, leveraging technology to assess these third parties 4x more frequently without increased team member or third-party workload
Improved productivity - a typical 60-day turnaround time for assessments using traditional questionnaires was reduced to under 10 days using information available in the Supply Wisdom Platform
Enhanced visibility to stakeholders via alerting and live dashboarding, enabling immediate notification in the event of an incident or event requiring action
The Solution
People
Crowe's team of TPRM experts stepped-in to determine desired outcomes, make program/process recommendations to support technology enablement, and support in processing the customer's assessment backlog.
Process
Crowe guided the integration of a Supply Wisdom review into assessment procedures, led the expansion of the program into new risk domains (ESG, compliance, etc.), and initiated the development of a continuous monitoring procedure to tackle new events and severe score changes in real-time.
Technology
Supply Wisdom's cross-domain monitoring capabilities allowed for visibility into ESG, Compliance, Financial Health, and Location-based risk.
Supply Wisdom
Full spectrum continuous third-party monitoring - Cyber, ESG, Operations, Compliance, and Location risk
Reporting and metrics capabilities enable info sharing across the organization - from management to C-Suite
Crowe
Dedicated TPRM SMEs with experience working across industries with Global 100 organizations
Specialized program maturity guidance, accounting for industry standards and customer expectations
Flexible support models including operational support (managed services), consulting, and program build services
Start a Conversation to Learn More:
Email: RyanM@supplywisdom.com
M: 1.908.723.6762
Email: Brad.Gilliat@crowe.com
M: 1.312.857.7424
