In today’s business world, companies heavily rely on third-party vendors for critical operations, making Third-Party Risk Management (TPRM) more crucial than ever. However, many firms struggle with fragmented and siloed risk data, leading to limited risk visibility, regulatory compliance risks, and inefficient decision-making. To address these challenges, organisations are focusing on integrating TPRM data sources and implementing self-service reporting.
By combining data from various sources and enabling self-service reporting, companies can create a comprehensive view of their third-party risk landscape and improve decision-making processes. KPMG has worked with multiple organisations to bridge data gaps and provide actionable TPRM insights, defining key elements such as third party risk metrics, an extended TPRM data model, and illustrative dashboards.
To get started on enhancing TPRM data and reporting, companies can articulate and prioritise reporting requirements, understand key data fields and data quality, and run a limited pilot to establish a foundational data model. This iterative approach helps build a more robust data framework and governance while demonstrating value early on.
KPMG offers extensive experience in helping clients improve their TPRM data and reporting. Reach out to schedule a conversation and see a demo of their TPRM risk metrics dashboard to learn more about enhancing your TPRM practices and decision-making processes.
