The digital world is constantly on the move. Enterprises embracing digital transformation must also secure their future from disruption. Knowledge is the key.
Massive amounts of data, combined with maturing solutions across the internet of things (IoT), cloud, machine learning, and artificial intelligence (AI) are placing strains on the current risk control and governance practices of both start-ups and entrenched enterprises. The technology stack for business transformation in the digital world is intimidating. Every day brings new capabilities, frameworks, and accelerators that provide opportunities for improving experiences and scaling seamlessly. There are also new threats, not just from technology or competition, but also from malicious actors.
Staying a step ahead is more difficult than ever.
As the technology and services toolkit continues expanding, suppliers and their capabilities are more critical than ever.
However, the suppliers themselves often face the same challenges as the buyers. Traditional point-in-time supplier risk assessments are insufficient to gauge the changing capability of suppliers to deliver long term, sustainable value. Periodic audits are also inadequate to stay up to the minute on how your suppliers fare on risk parameters.
As you pursue competitive advantage that relies heavily on third parties, can your Third Party Risk Management (TPRM) program limit itself to episodic audits and assessments?
I will be part of an expert panel at the 2nd Annual Digital Convergence Conference in NYC on 09/19 focusing on Protecting the Digital Enterprise from Cyber Risks to Global Regulations. Join me there to hear how your Third Party Risk Management programs can enable the quest for competitive advantage with proactive and continuous monitoring.
Meet me during the conference to find out how Third Party Risk Management teams at global industry leaders are using our real-time, cloud-based proactive risk monitoring platform to effectively respond to supplier and location risk vectors and unleash opportunities. You can schedule a brief meeting with me here or email me.
This post was originally published on LinkedIn.
John has managed global staffs and corresponding budgets in multiple locations and delivered cost efficient and operationally effective programs ensuring compliance with local and global regulatory requirements. Through interaction with Internal Audit and regulatory agencies including FRB, OCC, ECB, UK-FSA, MAS and Japan-FSA resolved MRIAs, MRAs and Findings on time and without penalty.
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- Continuous Supplier Risk Monitoring for the Digital World - September 16, 2018