Insight

Third party risk management: Thriving in the new reality

Novel approaches for third party risk management (TPRM) in response to COVID-19

Greg Matthews

Greg Matthews

Partner, FS Regulatory & Compliance Risk , KPMG U.S.

+1 212-954-7784

Jonathan Dambrot

Jonathan Dambrot

Principal, Cyber Security Services, KPMG U.S.

+1 908-361-6438

Tarun Sondhi

Tarun Sondhi

Principal, Advisory, KPMG US

+1 703-286-8239

Innovative third party risk management after a disruption

While third parties are often vital for organizations to prosper, they can also bring immense risks. Disruptions such as COVID-19 can shift how third parties operate and alter their risk profile. TPRM can address third-party risks, such as:

  • Supply chain disruption
  • Reputational damages
  • Corporate fines
  • Cyber breaches

Some strategies KPMG can help you implement include:

  • Updating third-party outsourcing strategies
  • Identifying new high-risk third parties
  • Complying with internal policy and regulatory requirements
  • Evaluating continuous controls monitoring
  • Consistently managing third-party services risks
Third party risk management: Thriving in the new reality
Download this paper to learn how your organization can improve TPRM program resilience and reduce risk.