Prevalent - Third-Party Risk Management’s Post

Organizations are increasing their usage of third parties to cut costs and focus on core operations to improve margins and increase their competitive advantage in the market. It's essential to have a mature and agile TPRM program in place to govern those relationships. However, most companies are stuck with manual, inefficient programs that don't enable them to assess all their vendors, much less properly score and remediate the risks they find. The 2024 TPRM Study showed that despite TPRM being a top priority in organizations, 50% of companies still use spreadsheets to assess their vendors and suppliers. Because of how manual and disorganized TPRM is for these organizations, companies report being understaffed by a factor of 2, only assessing a third of their vendors and as few as 29% remediate the risks they find. The bottom line is that teams struggle with reactive, manual, disconnected, resource-intensive approaches. That's where Prevalent can help. Our proactive, process-driven model automates your TPRM program. Because Prevalent automates the collection and analysis of vendor assessments, teams can spend less time on rote activities such as collecting data and more time on true business value-added activities such as remediating risks. This blog utilizes results from research studies conducted with TechValidate to review why current TPRM practices are so inefficient and identify best-practice return on investment (ROI) metrics delivered in the Prevalent solution. https://lnkd.in/dERjKUsd #tprm #vendorrisk #thirdparty #riskmanagement

Organizations are increasing their usage of third parties to cut costs and focus on core operations to improve margins and increase their competitive advantage in the market. It's essential to have a mature and agile TPRM program in place to govern those relationships. However, most companies are stuck with manual, inefficient programs that don't enable them to assess all their vendors, much less properly score and remediate the risks they find. The 2024 TPRM Study showed that despite TPRM being a top priority in organizations, 50% of companies still use spreadsheets to assess their vendors and suppliers. Because of how manual and disorganized TPRM is for these organizations, companies report being understaffed by a factor of 2 and evaluate only a third of their vendors. As few as 29% remediate the risks they find. The bottom line is that teams struggle with reactive, manual, disconnected, resource-intensive approaches. That's where Prevalent can help. Our proactive, process-driven model automates your TPRM program. Because Prevalent automates the collection and analysis of vendor assessments, teams can spend less time on rote activities such as collecting data and more time on true business value-added activities such as remediating risks. This blog utilizes results from research studies conducted with TechValidate to review why current TPRM practices are so inefficient and identify best-practice return on investment (ROI) metrics delivered in the Prevalent solution. https://lnkd.in/dZu8KWV8 #tprm #vendorrisk #thirdparty #riskmanagement

ISSA is thrilled to release the final paper in our ISO 20022 series, tailored for the capital markets! Over the last four years, our ISO 20022 WG has published numerous reports on the industry's growing adoption of ISO 20022. While a 'big bang' adoption hasn't occurred, we've identified a strong need for a Best Practice Guide on migration. This new report provides essential insights and recommendations for those planning to adopt ISO 20022 in Securities Services. It’s a must-read for market intermediaries, asset managers, issuers, market infrastructures, third-party providers, and regulators. Key Outcomes from ISSA's Final Paper on ISO 20022 Migration: Market Adoption Trends: Highlights growing industry adoption through both mandatory and voluntary programs, with no 'big bang' approach. Quantitative Analysis: A survey of ISSA members showed interest in migrating to ISO 20022 for Securities Services. The report suggests creating a Best Practice Guide for migration strategies. Best Practice Guide: Offers detailed recommendations for market participants planning ISO 20022 adoption, covering factors to consider before migration and implementation approaches. Target Audience: Aimed at a broad audience within the Securities Services sector, including custodians, brokers, asset managers, issuers, market infrastructures, technology providers, and regulators. Collaboration and Standardization: Effective adoption requires high levels of automation, standardization, and close collaboration among all market participants. #ISO20022 #SecuritiesServices #ISSA #CapitalMarkets #MarketAdoption #BestPractices Key Questions to Consider: ⚡ What are the primary challenges your organization faces in migrating to ISO 20022? 🤝 How can collaboration and consultation with industry peers enhance your transition strategy? 🚀 How do you plan to leverage automation and standardization to streamline the migration process? 📋 What steps can be taken to ensure all market participants are adequately prepared for the transition? I look forward to your thoughts on these critical questions!

Transaction-oriented documents are typically based on a host of business information systems. Read more 👉 Link in comment #CCM #CustomerCommunications #Forms

A business rule can become out of date if you’re pulling information from the wrong place. Read more 👉 Link in comment #CCM #CustomerCommunications #Forms

Time is ticking for related services firms! ⏰ Stay compliant and transform your quality management practices before the CSQM-1 deadline hits in 2023. Our latest blog reveals key insights to help Canadian-related services firms adapt and excel. Don't miss out – explore the details now: https://lnkd.in/gucgR4Zn #CSQM1Compliance #QualityManagement #QMGCloud

A business rule can become out of date if you’re pulling information from the wrong place. Read more 👉 Link in comment #CCM #CustomerCommunications #Forms

Transaction-oriented documents are typically based on a host of business information systems. Read more 👉 Link in comment #CCM #CustomerCommunications #Forms

We encourage customers to build their templates with variables that call in data from various sources while the documents are being composed. Read more 👉 Link in comment #CCM #CustomerCommunications #Forms

A business rule can become out of date if you’re pulling information from the wrong place. Read more 👉 Link in comment #CCM #CustomerCommunications #Forms