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Third-Party Risk Management

Third-Party Risk Management in the Age of Big Data and Advanced Analytics

INCORPORATING ADVANCED TECHNOLOGIES INTO THIRD PARTY PROGRAMS TO MITIGATE THIRD-PARTY RISK AND SATISFY REGULATORY REQUIREMENTS

As organizations continue to grow their business operations with the introduction of new products, additional services, and expansion into new jurisdictions, compliance and legal officers are facing increasing pressures to manage risks from new and existing third-party relationships, some of which can be dangerously complex. This white paper discusses the risk presented by third parties, the components of an effective third-party risk management system, limitations of current third party systems, and finally, how platforms powered by advanced technology solutions such as big data analytics, artificial intelligence, natural language processing, and social network analyses can assist organizations by minimizing expensive outsourced due diligence, streamline data management and decision making and, in turn, achieve effective regulatory compliance.

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