TPRM Challenges in Procurement
As a procurement professional, you are likely familiar with the various challenges that can make your role increasingly complex:
- Long Cycle Times: You might be spending an inordinate amount of time onboarding vendors due to the sheer volume of current and potential suppliers you’re dealing with, coupled with a manual risk assessment process.
- Assessment Backlog: The backlog of risk assessments and the sluggish pace of the remediation process might be hindering your ability to lower the overall risk that third parties pose to business continuity. As a result, expanding the scope of the TPRM program beyond key suppliers becomes a challenge.
- Limited Resources: Resource constraints could be forcing you into a balancing act, compelling you to juggle the need for speedy vendor onboarding against the need for a thorough risk assessment.
- Too Many Stakeholders: The involvement of multiple individuals across your organization with third parties might be slowing down the process of vetting new third parties.
- Departmental Silos: It can be difficult to secure commitment from other department heads to support the risk management program, considering the high backlog, limited resources in each department, and manual process.
- Regulatory Pressure: Managing compliance across different jurisdictions can be particularly challenging due to local data privacy and data sovereignty laws, especially in an ever-evolving regulatory landscape.
How ProcessUnity Overcomes These Pain Points
ProcessUnity’s Third-Party Risk Management Platform is designed to tackle these challenges head-on, ultimately simplifying the work of procurement teams.
- Shortening Long Cycle Times: Our platform automates the risk assessment process, reducing the time spent on onboarding and vetting vendors. The high degree of automation also allows for scaling up you TPRM program to cover a larger number of suppliers.
- Eliminating Assessment Backlog: With ProcessUnity, you can streamline and accelerate the risk remediation process. This, in turn, lowers the overall business risk and allows expansion of the TPRM program to cover more service providers.
- Optimizing Limited Resources: The automation ProcessUnity provides allows procurement teams to balance speed and thoroughness effectively. By eliminating manual processes, teams can focus their resources on strategic tasks.
- Handling Multiple Stakeholders: ProcessUnity’s TPRM platform is designed to provide clear and concise reporting to all stakeholders, making the vetting process smoother and more efficient.
- Breaking Departmental Silos: By automating and streamlining the risk management process, ProcessUnity makes it easier to gain commitment from other department heads. This reduces the workload on each department, fostering increased cooperation.
- Simplifying Regulatory Compliance: ProcessUnity’s TPRM platform helps manage compliance across different jurisdictions, keeping up with changes in local data privacy and data sovereignty laws in real-time. This feature greatly simplifies the task of handling an evolving regulatory landscape.
To learn more about how ProcessUnity can revolutionize your Third-Party Risk Management process, please contact us today. Let us show you how we can transform your procurement operations and help you overcome the challenges you face. Together, we can reduce cycle times and keep risk out of your company from the start of the vendor relationship.