Across industries, the initial COVID-19 response was a rapid reaction to continue delivering critical business services to clients and customers in the midst of urgent global healthcare and economic challenges. As a result of shifting health advisories and regulation, many organizations have had to swiftly move to a work from home model or implement social distancing measures when remote work wasn’t possible. Many businesses have also had to quickly re-think some of their typical operations and reallocate resources to complete newly critical work and meet typical productivity levels.
The same concerns and shift in process are likely to have occurred for your vast network of third parties. While third parties are vital for your organization to prosper, they can also expose you to immense risks. Third party risk management (TPRM) addresses the risks presented by third parties including supply chain disruption, reputational damages, corporate fines, and cyber breaches. A shift in how a third party operates given external COVID-19 pressures, can alter the risk profile of the third party.
KPMG has prepared a thought leadership paper that offers near-term tactical considerations and a longer-term strategic vision for the Future of TPRM. The thought leadership paper includes recommendations on how to leverage the information you have learned over the past few months in your TPRM program to fundamentally overhaul your approach to risk identification and risk assessment in the future.