There’s a huge misconception in our industry today that a GRC platform is the end all be all to Third Party Risk Management (TPRM). This is so not true! The key to an effective, results driven, TPRM Program is to take the time to lay a solid risk-based foundation. History has shown, that if you just go purchase a tool and haven’t laid a solid foundation, the tool will not give you the results you’re looking to achieve. Regulatory bodies and Industry standards are embracing this philosophy as well. This process can be tedious and time consuming in the beginning but once complete, your result is a mature TPRM program that is ready to be transitioned into any GRC platform.
Topics: Third Party Risk Management
From June 26 to June 29 in Arlington, Virginia, Lynx Technology Partners team members will be among the top global risk experts discussing best practices for third party risk management at the 10th annual Shared Assessments Summit.