Third Party Risk Management.AI
Enhance the end-to-end third-party risk management lifecycle, from onboarding through the offboarding phases.
Your challenge
One of the significant challenges that companies face in recent years is the increasing dependencies on third parties. While leveraging can offer cost-saving benefits, it also presents substantial risks. Most companies don't have enough money or know-how to deal with these problems. Consequently, they can find themselves exposed to potential issues related to loss of operational control, data security breaches, quality control problems, and over-dependence on external vendors.
Examine the health of your vendor ecosystem throughout its full lifecycle, from the onboarding workflows to ongoing AI-driven risk assessments and end-to-end scenario testing. Here are the key benefits :
Automation
AI-driven automation reduces manual effort and errors in data collection and analysis, improving accuracy in vendor selection and risk assessment.
Ongoing Review
Regular conduct of due diligence on third parties provides continuous assessment and monitoring of associated risks, ensuring timely detection and resolution of potential issues. Additionally, an analysis of contracts and contractual commitments can be conducted to verify their compliance and alignment with risk management standards.
Customization
Customizable dashboards foster transparency and communication with stakeholders, enhancing compliance efforts.
Testing
Regular execution and testing of exit strategies in collaboration with internal teams can help reduce internal costs.
"As an engagement partner at PwC, I am extremely proud of our innovative approach to Third-Party Risk Management (TPRM). Our AI solution is a tangible proof of our commitment to innovation and our desire to create powerful tools for our clients. I am convinced that our solution will continue to have a positive impact on how businesses approach third-party risk management, and I am honored to be a part of this initiative."
Jean Bernard Rambaud, PwC France & Maghreb