Original Source: Spend Matters by Wayne Weil

One of the hottest topics in the financial services regulatory world is third-party risk management (3PRM). While regulated firms scramble to meet new guidelines, they may be surprised to find there is a group within their organization that has been working to accomplish many of the same goals for years: the procurement organization. The people, processes and tools found within most procurement organizations can provide a powerful complement to the compliance organization’s third-party risk management aims. As firms grapple with developing compliant 3PRM programs, they would be well served to partner with their procurement teams to jump-start the implementation, as well as to capture the additional hard-dollar benefits that have been the yardstick for success in traditional vendor management…

Contributors: Spend Matters
Categories: Industry Articles, SIG U Resource
SRC Type: Risk Management, Sourcing Management, Third Party Management