Solutions

Third-party Risk Management 

An end-to-end managed service solution for your extended enterprise 

A typical Fortune 500 organization may use more than 100,000 external third-parties (for example, vendors, suppliers, service providers, and outsourcers) to meet its business objectives and stay competitive. With a significant reliance on an interconnected network of third-party relationships (typically known as the “extended enterprise”), there is increased exposure to a growing portfolio of risks, cost, performance, and regulatory pressure. Deloitte’s Third-party Risk Management (TPRM) managed service is a first-of-its kind, leading-edge solution that efficiently manages the risks associated with third-parties while driving cost and revenue recovery through TPRM operations.

Explore Content

The TPRM managed service: An optimized approach to risk management

The TPRM solution is an end-to-end managed service that streamlines the entire TPRM process, from third-party engagement/initiation and selection through contracting negotiations and ongoing monitoring. The TPRM managed service solution includes: 

  • Third-party screening: The use of advanced analytics and artificial intelligence (AI) to collect and examine data from the internet and proprietary databases to identify risk indicators.
  • Background checks: Comprehensive checks, including detailed research into companies, key individuals, and ultimate beneficial owners.
  • Third-party questionnaires: Collection and analysis of data from the third-party regarding its control environment (such as policy, process, and capability). Deloitte's questionnaires meet regulatory expectations. 
  • On-site inspections: On-site, detailed assessments of the third-party’s control environment. These inspections are performed by experienced professionals with risk domain expertise.
  • Monitoring: Ongoing analysis (using data analytics and AI) of various data sources to identify any emerging or new issues regarding in the third-party portfolio.

Focusing on the climb ahead: 2018 extended enterprise risk management global survey report

This third annual survey report looks at how global organizations are putting a renewed focus on enhancing EERM amid increasing dependence on third-parties. It also highlights six key areas where most organizations need improvement. 

 

Global leader

Kristian Park

Kristian Park

Partner

Kristian Park leads the Extended Enterprise Risk Management team in the EMEA region, as well as leads Deloitte’s Global Third-party Risk Management (TPRM) group. As a partner in Deloitte UK, Kristian ... More