- 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.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
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