Governance, Risk and Compliance Third Party Management Woes?

GRC 20/20 just released a governance, risk and compliance third party solution perspective to correlate with their 2015 Innovation Awards. The perspective goes into detail of the challenges that many organizations face when managing the governance, risk management and compliance of extended business relationships. Among the top are:

• Growing risk and regulatory concerns with inadequate resources
• Document and email centric approaches
• Interconnected third party risks that are not connected
• Scattered and non-integrated technologies
• Inadequate processes to manage change
• Third party performance evaluations that neglect risk and compliance

Stated in the perspective, “Reactive, document-centric and manual processes fail to actively manage risk and compliance in the context of the third party relationship and broader organization strategy and performance. Silos leave the organization blind to intricate relationships of risk and compliance exposures that fail to get aggregated and evaluated in context of the overall relationship and the organization’s goals, objectives, and performance.”

GRC 20/20 highlights the Source Intelligence Network for Innovation in User experience as the key provider to combat third party management challenges. Ways to master third party management, include having:

• Global reach into supply chains
• Regulatory agility to address new and emerging regulatory requirements
• Actionable intelligence at all levels of the supply chain to facilitate the exchange of information
• Defensible compliance through detailed audit trails

The full GRC 20/20 Third Party Management Solution Perspective is available here.

On October 13, you can also hear from the GRC 20/20’s Solution Perspective author, Michael Rasmussen, in a webinar with Source Intelligence on Innovating Supply Chain Risk Management.