Impact of Digital Transformation on TPRM Operations
The Technology TPRM Forum conducted a survey focused on identification of the actions and intended benefits being taken by TPRM leaders to meet the digital transformation challenge. Utilizing the blog www.it-tprm.com to promote the survey, there was a total of 114 respondents. Complete survey results are available at the following link: Technology TPRM Forum – Research.
Digital Transformation Defined
FinTech, Blockchain, bitcoin, API, Micro-services. Just a few of the terms and buzz words TPRM professional need to be aware of and closely monitor. Today, however it is Cloud and Robotic Process Automation along with Cyber Security that dominates what TPRM leaders categorize as digital transformation.
TPRM Actions to Meet the Digital Challenge
Digital Transformation is driving TPRM leaders to reevaluate their alignment and interaction with Vendor Management Organizations (VMO). Not surprisingly, this appears to be where FLOD struggle to establish credibility and true engagement with VMO’s. In addition, TPRM are closely reevaluating contract terms and the overall classification of third parties. It is critical to assign the appropriate level of diligence per third party category or TPRM operations can be crippled and ineffective.
Benefits Anticipated by TPRM Leaders
Accelerated risk support for business operations is the core driver for TPRM actions. To achieve this, TPRM leaders are looking to establish greater alignment with VMO and Procurement operations and improve monitoring effectiveness and efficiency.
Complete results are available at the following link: Impact of Digital Transformation on TPRM Operations.