From Insight to Impact: Analytics-Led Third-Party Risk Performance Management
Procurement organizations face increasing pressure to manage risk, control cost, and deliver strategic value. However, many operate within models not designed for today’s level of disruption. While most organizations have established risk management programs, far fewer have developed the operational depth needed. As a result, they struggle to act on insights in real time.
Against this backdrop, this Executive Insight Report from ProcureAbility, in partnership with The Hackett Group, explores this disconnect, examining where third-party risk performance management (TPRM) programs are falling short and how leading organizations are closing the gap.
Insights in this report include:
- 75% of procurement organizations are not implementing advanced risk programs, primarily due to gaps in data and analytics.
- 62% report that a mature supply risk management approach is only partially deployed due to limited development of practices, processes, or systems.
- 13% report that there is no formal approach to supply risk management.
- Although 90% of these organizations are monitoring supplier risks (financial, location, etc.), only 7% of them are modeling future disruption scenarios.
A successful TPRM system is enabled by three interconnected dimensions: strategic intent, program and governance, and data and analytics—the three facets of the TPRM 3D Model.
Access the full insights to see how leading organizations are turning third-party risk performance management into a source of enterprise value.
