Boston, MA, November 29, 2017 --(PR.com
)-- In the current climate of unprecedented weather-related disasters and geo-political uncertainty, corporations are increasingly at risk of experiencing major third-party service disruptions. As companies have increased their reliance on third parties to boost operational efficiency, implement advanced technologies, and enhance customer experiences, the necessity for an effective ThirdParty Risk Management program is more critical than ever. Recent disasters and disruptions have proven it is no longer sufficient or prudent to limit third-party risk assessment as part of due diligence or in episodic, annual or even quarterly cycles.
“Companies need a robust third party risk management solution that addresses day-to-day operations while considering strategic and enterprise wide objectives. A best practice is to have real-time and continuous risk monitoring,” said John Bree, Former TPRM Head, Deutsche Bank and now SVP, Supply Wisdom.
This growing need is reflected in the OCC Risk Management Principals Bulletin 2017-43 released in October of this year. The bulletin details that banks “should implement an ongoing and effective third-party risk management program for service providers.” Furthermore, “Throughout the third-party relationship’s life cycle, the risk management process should include ongoing monitoring.” In accordance with OCC guidelines, episodic and ad-hoc monitoring may not be sufficient.
As the only Third Party Supplier and Location risk-monitoring product on the market that is 100% real-time and continuous, Supply Wisdom SM, a branch of Neo Group Inc., solutions are uniquely designed to provide a solid framework for any corporation’s risk monitoring program.
Inspired by customer feedback, the latest version of Supply Wisdom SM also includes product features designed for an immediate understanding of the customer’s real-time third-party risk landscape.
The new enhancements include:
· Real Time Risk Scores - The proprietary risk framework now includes real-time risk scores along with previous quarterly trends as the upgraded risk algorithm engine now syncs with real-time updates.
· Customizable Event Alert Summaries (Trackers) – These user customized daily, weekly, monthly, and quarterly trackers for monitored locations and suppliers are generated and delivered automatically by email. To support analytical needs, users can generate reports by target, risk category, severity, date range and keyword. Additionally, data can be downloaded and shared in Excel for easy filtering and analysis.
· Updated alert notification system – Although all alerts will continue to be delivered to the customer’s account dashboard, customers can now select their preference for the real-time alert level notifications delivered by email: Low, Medium, High or Immediate.
About Supply Wisdom
Since 2012, Supply Wisdom is the industry’s leading real-time location and supplier data, analytics and risk monitoring service. Supply WisdomSM, a patent-pending, cloud-based service is used by over 100+ corporations, including leading banks, regional banks, insurance companies, healthcare and global industries.