Reimagining third-party risk management
In this series, we explore how organizations in Canada can optimize their approach to risk by strengthening the business case for third-party risk management (TPRM), clarifying accountabilities around it, and leveraging common technology platforms to build more mature extended enterprises.
In an increasingly interconnected global business landscape, the organizations with the strongest—and most secure—ecosystems will have a significant advantage. To achieve this competitive headway, Deloitte’s report, Focusing on the climb ahead: Third-party governance and risk management, reveals that many companies are using risk to power performance by reimagining the third-party risk management (TPRM) function.
This blog series explores the critical role TPRM plays not merely as a compliance requirement for regulated industries, but as a way to drive organizational value in every sector by improving organizational efficiencies, reducing costs, and boosting brand awareness. Here, we examine how companies can enhance their approach to risk by strengthening the business case for TPRM, clarifying organizational accountabilities around it, and leveraging common technology platforms to build more mature extended enterprises.
The organizational imperatives of TPRM
With companies across the world searching for new ways to get ahead—either through enriched customer experiences, the expansion of market share, or sustainable growth—it’s becoming increasingly clear that the benefits of a robust third party risk management (TPRM) function aren’t limited to regulated industries.