- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-11T15:30:00
Companies have shown a willingness—excitement, even—to invest in technology to enhance their third-party risk management (TPRM) efforts. But that doesn’t mean new opportunities don’t remain.
A survey conducted by Big Four firm KPMG last year found less than half (46 percent) of all TPRM tasks were being automated. The research represented the views of 1,263 senior TPRM professionals across 16 countries worldwide. Respondents projected the number of TPRM tasks supported by automation would rise to 58 percent within three years.
Against this backdrop, two managing directors at KPMG—Joy St. John and Eric Parker—discussed TPRM programs and technology modernization during a webcast sponsored by software vendor ServiceNow and moderated by Compliance Week in September. St. John and Parker shared how firms are making strides in building robust TPRM programs for the future, while Brian Federle of ServiceNow discussed how the company’s solution helps drive process standardization and key management insights.
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Taking risk mitigation further and understanding your third parties and their risks can create value for your organization, practitioners discussed as part of a panel at CW’s virtual TPRM and Oversight Summit.
A panel of experts broke down the nuts and bolts of integrating a risk-ranking strategy and tailored approach to third-party due diligence at CW’s virtual TPRM and Oversight Summit.
The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
