Third-Party Risk Management (TPRM)

Overview

Risk in the Supply chain has gained more focus and having a compliance process in place is top of mind for CCO/CLO/CROs. A strong and effective compliance program should have a TPRM component as a first step. Managing the complexity of TPRM is a common challenge across all industries. Moreover, company resources that must comply with the process are often located all over the world making standardizing the TPRM process difficult. For most companies this is a manual process with data in spreadsheets, emails and other offline locations.

KPMG's TPRM solution streamlines and automates the end to end TPRM process, stores all relevant information in one place, accessible at any time with the right permissions. It provides risk ratings and dashboards for easy view of any vendor in the process and provides vendors access in a standardized way to submit the requested information for compliance purposes. It also provides automation, agility, reporting, governance and visibility into the Third Party Risk Management process and enables collaboration with third parties.

Key Features & Functionality

Customizable business process flow: Tailor process flows and routing logic to meet your business operations’ needs.
Detailed case records: Capture every detail needed for an individual case in one logical place to enable real-time status tracking of Third Party risk reviews.
Interactive reports: Real time, detailed risk review reports and process status reporting. Advanced filtering options to support reporting needs.
Rich user forms & mobile capability: Modern web based and mobile UI with embedded validation rules.
Business rules: Customizable questionnaire risk scoring and conditional workflow routing based on triggers such as risk score.
Secure and cloud enabled: Ensures reliability with 24x7 system monitoring, security, management, maintenance, backups and geographic redundancy.
Detailed audit trail: View and trace risk review process.
Integration with enterprise software systems (add on): Leverages out of the box connectors to integrate with popular enterprise software systems (SAP, Oracle, Salesforce, Microsoft Dynamics)

Benefits & Business Impact

Online and mobile tools to communicate externally and through process to approval
Rules and functionality modeled to meet outside regulatory requirements
Centralization of information and document storage to provide lifecycle clarity
Integrates, leverages or bolts on to existing client systems including SAP
Ensures a consistent standardized process globally
Risk assessment tools modeled on client policies or KPMG models
Drive ownership and accountability
Audit trails, dashboards and alerts provide transparency
Flexible customization and updating of rules, roles and permissions