Following the recent Supply Wisdom “COVID 19 – Conversation with TPRM Leaders” webinar we take a quick look at what we learnt about the current state of Third Party Risk and what can be done to improve business continuity and resiliency across the extended enterprise.
1. What problems have leaders experienced thus far?
- Deterioration in health of third parties.
- Problems optimising work from home, for instance not have enough licenses, security or technology assets to be able to enable a significant amount of people working from home.
Poll: Has Third-Party performance deteriorated in the last 2 weeks?
60% of respondents responded that they have
already seen a deterioration in third-party performance.
2. What are people observing:
- Risks are cascading – which means that there will be progressive failures if this continues.
- The expectation is there will be more progressive failures precipitating the need to be able to understand and know on a timely basis the shortcoming or failings for both locations and third parties.
Poll: Confidence in monitoring Third Parties’ changing risk profile
64% off the respondents are wary of their ability
to monitor their third parties’ changing risk profile.
3. What can we learn and adapt to improve Third Party Risk Management?
- The need for timely information highlights the Importance of leveraging a risk intelligence solution that provides real-time and continuous risk monitoring and alerts so that leaders have access to the latest intelligence as the crisis continues.
- The need to react quickly and make informed risk mitigation decisions means risk intelligence must be curated so that risk responders don’t spend time finding relevant news.
- The need to take proactive, decisive action requires a response mechanism, either a response centre or analysts (inhouse or sourced), that can provide guidance and monitor the actions that you take to mitigate those risks.
Replay the webinar (via YouTube):
View Webinar Slide Deck:
You’re Only As Strong As Your Weakest Link
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