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Third Party Risk Management
Enabling businesses to effectively manage their extended networks
Extended Enterprise Risk management
The extended enterprise is the concept that an organisation does not operate in isolation. Its success is dependent upon a complex network of third party relationships. Deloitte India Risk Advisory has the experience and know how to perform various types of vendor assessments.
Third Party Risk Management Solution: March 2019
In today’s digital world, TPRM capabilities need to also be technology-driven to automate processes, report generation, analyse data that TPRM activities generate, and track overall improvements. The TPRM automation platform increases efficiency along with productivity, reduces overall cost of the TPRM programme, and enables efficient monitoring of ongoing activities, including third-party risks and compliance through a centralised platform. This provides a consistent client user experience and reduces human errors.
Vendor Assessment Landscape
The extended enterprise as a concept highlights the fact that organisations work with a complex network of third party relationships. In the ever-evolving business scenario, managing third party contracts has become increasingly challenging. Third party risk management enables businesses to avoid costly billing errors and unnecessary contract management inefficiencies by incorporating the benefits of analytics and real-time automation.
How can we help?
The extended enterprise is the concept that an organization does not operate in isolation. Its success is dependent upon a complex network of third party relationships.
- 57% of organizations do not have appropriate visibility of sub-contractors engaged by their third parties
- 49% of organizations consider the impact of changing regulations to be the greatest contributory factor to the increased perception of inherent risks