We’re pleased to share the findings of our Global Third Party Risk Management (TPRM) outlook 2020 survey conducted to obtain a global perspective of how businesses are assessing and managing third parties. This survey of 1,100 senior third party risk management (TPRM) executives, including oil and gas, and power and utilities sector leaders, reveals that the journey to effective TPRM has, for many in the industry, barely begun despite today’s extreme challenges.
The energy sector is at a critical crossroads in their management of third-party risk amid an alarming array of challenges that include COVID-19, unprecedented supply chain volatility, heightened regulatory scrutiny and the threat of fraud and corruption. In the new reality of today’s global climate we believe that there is no time to lose in pursuing holistic third-party risk management (TPRM) programs that are designed to mitigate or minimize exposure to risks.
Digital innovation. Geopolitical and market volatility. Increasing demand for sustainable energy. With uncertainty and transformation driven by these and other factors, organizations across all sectors of the energy industry are exploring how to adjust their businesses, satisfy changing customer demands, and take advantage of new opportunities.
In resources provided below we take a deeper look into how TPRM affects the energy sector.