Authorities on Risk Assurance

The Shared Assessments Blog

Building Your TPRM Program

Published on January 25, 2017 By | Posted in: Best Practices, Business Resiliency, Education, Outsourcing, Risk Management, Third Party Risk Management, Vendor Risk Managment

PwC’s report highlighting monitoring of vendor networks by means of supply chain risk analytics focuses on the fact that the volume and transactions of outsourcing amplify risk. “The increasing severity of consequences for regulatory violations by vendors in complex global supply chains is matched only by the corresponding damage to reputation when vendor network violations get exposed.” Risks presented by the supply chain now mean that organizations have to defend against threats throughout the chain, including service providers, shippers and a host of other parties that can affect the outsourcer’s very business resiliency, in addition to reputation, compliance stance and overall risk profile.

This requires management to balance cost advantages gained through outsourcing with a risk posture appropriate to the unique risks posed by each product/service line and each third party relationship. The PwC report, Needle in the haystack: Monitoring vendor networks through supply chain analytics, can help organizations understand the vulnerabilities they face across their supply chain, the leadership for a robust framework and process development, ongoing and continuous monitoring needs, stakeholder awareness training needs and the return on investment from such efforts.

Marya Roddis is Vice President of Communications for The Santa Fe Group, Shared Assessments Program. She develops blog content and assists staff and members to document committee projects in white papers and briefings, as well as working on blog editing, press releases and other marketing documentation projects. She has worked as a Resource Development Consultant since 2003 for primarily non-profit organizations in the fields of arts, education, social services and regional economic and business development.

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