These challenges are not new and neither are some of the solutions as the industry has encountered and resolved similar problems in the past.The CIO’s office is becoming the hub for driving digital transformation across the enterprises. IT will continue providing the advantage with digital programs, while addressing the greater need for non-IT employees to learn IT skills. There is a looming talent gap in artificial intelligence, cyber security, the Internet of Things, robotic process automation (RPA), and others.
Leading the digital transformation charge are financial services and healthcare companies. These are also the most regulated industries.
IT sourcing hubs such as India, for example, will play a central role in this transformation, as they did earlier. IT suppliers will face increasing pressure from their enterprise clients to innovate and add value, rather than delivering merely marginal gains from legacy programs.
Add Teeth to Your Third Party Risk Management Program
Neo has written about the indispensable role of IT Suppliers as enterprises go all in on digital. A recent Deloitte survey reiterates that regulatory compliance continues to be a key challenge in implementing new technologies.
Enterprises flag data security and suppliers’ conformance to laws and regulations as a major concern with contracting.
Global sourcing provides unprecedented opportunities for companies to accelerate solutions, cut costs and compete effectively on a global scale. But global sourcing also exposes companies to unprecedented levels of risk. Risk events ranging from hacks to data leaks can have an out-sized impact on your business operations.
As your suppliers become ever more integral to your core operations, risks will continue to magnify. Effective, real-time risk monitoring and oversight of global operations is now an absolute necessity. There is simply no other efficient way to avoid or minimize the impact of disruptions which can make global operations costlier.
Effective and efficient vigilance is a core element for successful global operations.
It is a challenging world. There is little that companies can do to change that fact, however forewarned is forearmed. Businesses can equip their Third Party Risk Management and Governance teams with proven tools so they can be aware of the risks, mitigate or eliminate the resulting damage, and ensure the stability of critical operations.
Are your Third Party Risk Management and Governance teams equipped to identify and address situations that arise out of your supplier and vendor operations?
Let us discuss with you proven methods to integrate Real Time Continuous Monitoring into your Third Party Risk Management and Governance program and enhance your GRC platform with daily curated intelligence on your critical suppliers and locations.
This post was originally published on LinkedIn.