Transform Third-Party Risk Management System - Wipro

Harry Hack15 Jan, 2024Technology

Learn the importance of transforming third-party risk management systems by leveraging the power of AI and ML for automated and efficient assessment cycles Implementing third-party risk management (TPRM) is crucial for organizations that rely heavily on external partners or vendors to run its essential services and operations. The traditional approach of conducting manual, slow, static, and tedious assessments may help achieve compliance, but does not prioritize prevention in modern times. In a recent study, it was discovered that 59% of data breaches involve external vendors . Hence, it is crucial to incorporate continuous monitoring of vendors as a key element of TPRM to gain a better understanding of the associated risk.