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Extended enterprise risk management survey 2019
Organisations are streamlining and simplifying third party risk management technology across diverse operating units.
Our 2019 survey confirms our prediction last year that a three tiered approach for third party risk management will continue. Very few organisations want to develop complex bespoke solutions.
Smartly coordinated investments in third party risk management technology across three tiers can drive efficiency, reduce costs, improve service levels, increase return on equity, and create a more sustainable operating model.
- More than 59% of the respondents adopt tier one – enterprise resource planning (ERP) or procurement platforms that establish a common foundation and operational discipline for EERM.
- Three quarters (75%) adopt tier two – risk management solutions that are either EERM specific risk management packages (18%) or generic integrated risk management solutions tailored for EERM use (57%)
- Tier three – risk domain specific technologies – such as financial viability, financial crime, sustainability and cyber threats – continue to grow.