Fireside Chat: TPRM and Supply Chain Monitoring
This week, our fireside chat focused on the critical components of Third-Party Risk Management (TPRM) and Supply Chain Monitoring. Peter Piatetsky, CEO and co-founder of Castellum.AI, was joined by compliance experts Dale Blankenship, Director & Sr. Counsel of Global Trade Compliance at Flowserve, and Jim Orioles, Sr. Manager of Third-Party Risk Management at Otis Elevator Co., to discuss how organizations can strengthen their TPRM strategies.
Building a Strong Foundation for TPRM
Creating a robust TPRM program starts with cross-functional collaboration. Compliance, legal, and supply chain teams must align on roles and responsibilities to ensure risks are identified and managed effectively. Without this foundational teamwork, gaps in oversight can leave companies vulnerable to disruptions or compliance violations.
Tailored Risk Coverage
One size doesn’t fit all when it comes to risk management. Companies need to align their risk thresholds to match their specific business needs. By screening only relevant vendors and risk categories, organizations can streamline the process while maintaining comprehensive coverage, ensuring that no critical risks are overlooked.
Leveraging Automation for Efficiency
Automating TPRM is essential for maintaining compliance when managing complex global supply chains. With real-time monitoring and customizable solutions, businesses can quickly identify risks and take action before they escalate. This approach not only reduces manual workloads but also ensures a higher level of accuracy, allowing companies to stay ahead of potential issues and maintain a proactive stance on risk management.
Real-World Risk Management
The largest breaches often come from smaller, overlooked vendors rather than obvious high-risk partners. A comprehensive TPRM strategy requires monitoring all supply chain tiers, not just the most visible ones. By proactively assessing all third-party relationships, businesses can mitigate risks, prevent costly supply chain disruptions, and avoid massive fines.
Conclusion
Building an effective TPRM program requires collaboration, customization, and the right technology. By tailoring your risk coverage to your specific needs and leveraging automation, companies can manage their third-party risks efficiently while maintaining operational integrity.
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