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Insurance Business Magazine: Modernizing the Third-party Risk Management Approach

Atul Vashistha Written by Atul Vashistha

Modernizing TPRM Approach
Third-party risk management (TPRM) has never been as important as it is now, due to the massive disruption to businesses and economies caused by the coronavirus crisis. Many TPRM programs were ineffective even before the pandemic, yet some organizations still insist on using them.

To adapt to changing times, business leaders must update their TPRM approaches, taking into account the various learnings the pandemic has brought to light so that they can focus on better supplier risk mitigation.

In this discussion with Insurance Business Magazine, Atul Vashistha talks about the need to modernise risk management following Covid-19 and why he thinks continuous risk monitoring for third parties and locations will play a central role in effective risk management.