Ongoing monitoring is also crucial to TPRM ; organisations must actively leverage audit rights , access provisions and outcome-focused evaluations . This means assessing operational and concentration risks through severe yet plausible scenarios , ensuring they ’ re prepared for the worst-case while staying vigilant in everyday operations . Technology is already making a significant impact here , with 46 % of TPRM tasks currently supported by tech . That number is expected to rise to 58 % within three years , revolutionising efficiency and accuracy in monitoring , according to KPMG .

number of data points generated each year after onboarding 200 third parties with 100-question assessments

Keeping data secure amid technological transformation Another major red flag in TPRM is data security . However , despite its importance , only 54 % of firms are prioritising privacy in their TPRM programmes . KPMG ’ s guidance emphasises that implementing 13 essential data security controls is nonnegotiable to ensure strong protection across the supply chain .

procurementmag . com 131