Transforming third party risk management

Article

Exploring the interplay between technology and human connection, we delve into the evolving landscape of digital communication, emphasizing the importance of balancing virtual interactions with authentic face-to-face engagement.

Sep 04, 2023

Dov Goldman, VP Risk Strategy, Panorays

Transforming third party risk management

The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

Effective third-party risk programs require support from the business and integration into decision-making processes.
Understanding inherent and material risks of each third-party relationship is crucial.
Collaborative efforts between third-party risk teams and the business are necessary for profiling relationships and identifying material risks.
Prioritization of relationships and assessments is based on inherent and material risk ratings.
Technology is advancing third-party risk management, with platforms automating assessment processes.
AI tools are emerging to automate aspects of third-party risk assessment and management.
Smart platforms act as decision-support tools for risk evaluators.
AI systems aid in managing large numbers of assessments to support businesses' reliance on SaaS tools while ensuring data security and privacy.