The power of efficient third-party risk management

Build a consistent, compliant approach with KPMG Powered Enterprise | Risk – Third-Party Risk Management

 

             Overview                 Industry spotlight               Our approach                By function                  By technology 

How well do you know your third-party suppliers?
The risks can be great.  But so are the rewards. 

Delivering your products and services requires a critical ecosystem of service providers and suppliers.  They bring so much value to you and your customers, but you can’t overlook the potential risks involved. A holistic and efficient strategy to onboard and manage them is more vital than ever.

In many organizations, it’s a complicated process.  Inefficiencies create uninformed decision making, poor user experiences, and muddled risk ownership. And as pressure builds around regulation, manual processes can lead to fines and lengthy cycle times.

KPMG Powered Enterprise | Risk - Third Party Risk Management (TPRM) can help you automate your processes and minimize risks with better data management and integration across your organization. Using market-leading technology, you’ll be able to access our leading practices learned from working with many risk organizations.  And our pre-configured tools and processes save time as you build value for your business.

KPMG Powered | Third Party Risk Management can align with your holistic enterprise risk management program.

 

Gain a clearer view of the facts

Powered Third-Party Risk Management helps you build real-time monitoring and make faster decisions

  
  

Automate risk assessments and due diligence activities

  
  

Build a consistent and compliant framework across your organization

  
  

Access workflows that help screen and score third parties

  
  
  

Reduce onboarding cycle times and costs
 

  
  

Increase regulatory compliance and resolve issues faster 

  
  

Integrate complementary procurement processes and tools

 

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OUR APPROACH

Designed to help you succeed 

By providing the elements you will need to develop, scale, and evolve your transformation program, we help you use strategies and tools that have been used effectively at many organizations. Our framework will help you move forward quickly and confidently.


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73%

of third-party risk management (TPRM) professionals say they have experienced a significant disruption in the past three years.

61%

of TPRM professionals say it’s undervalued considering its enterprise-critical role.

58%

TPRM professionals say they will automate 58% of TPRM tasks in the next three years.

77%

of TPRM professionals say overhauling their operating models is overdue.

1. Source (all): KPMG Third Party Risk Management Outlook 2022
  

FEATURED CLIENT STORY

On-demand visibility equals bottom line value

A Fortune 100 managed healthcare company had contracts with more than 50 suppliers, spending more than $2.5 billion annually in purchases. However, many suppliers were not meeting contracted service level agreements and contract and supplier performance were not captured, tracked or monitored. Using our Contract Performance Management process, we helped the client gain real-time visibility into the performance and compliance of all its contractual relationships. Now it can identify where value leakage is occurring and take remedial action, all while strengthening relationships with its most strategic partners.

ALLIANCES

Our deep experience with leading providers offers options for your technology environment

KPMG Powered Enterprise | Risk - Third Party Risk Management is enabled by these leading platforms:

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Powered Enterprise. It’s not just for
Third-party Risk Management.

Many other functions in your organization can be enhanced from the Powered Enterprise approach. We can help you improve across functions to align practices and technologies that will work together for a better future.

The power of technology. The advantage of perspective.

  

   
Cyber
   
IT
   
Marketing, Sales & Services
   
Procurement
   
Risk
   
Supply Chain
   
Finance
   
HR


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Contact us


 
Eric C. Parker

Eric C. Parker

Advisory Managing Director, GRC Technology, KPMG LLP

+1 312-665-5756
Greg Matthews

Greg Matthews

Partner, KPMG US

+1 212-954-7784

Find out what’s possible with KPMG Powered Enterprise | Risk – Third-Party Risk Management

Let’s talk about how KPMG can help you transform your TPRM function.  Our client-tested methods, tools, and insights will help you get up and running faster so you can focus on your business and what comes next.

Let’s talk about how KPMG can help you transform your TPRM function.  Our client-tested methods, tools, and insights will help you get up and running faster so you can focus on your business and what comes next.

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