EY today announces Third-Party Risk as a Service (TPRaaS), a new managed service offering to help organizations leveraging third-parties to enhance their focus on the strategies that drive their business forward and increase confidence among their stakeholders and customers.
In today’s connected, digital and highly competitive world, third-party relationships offer organizations the opportunity to tap into a broader ecosystem of capabilities and emerging technologies to incorporate new solutions and services into their organization to improve the customer experience, achieve greater agility by reducing production or delivery time, and lower overall costs.
While these ecosystems offer opportunities for organizations to improve customer experiences and drive profitable growth, they also open the door to a number of new risks. EY TPRaaS helps organizations to identify, evaluate and manage those risks introduced through engaging third parties by providing an offering comprised of the people, the processes and the technology required to execute third-party risk management activities.
Vignesh Veerasamy, EY Global and EY Americas Third-Party Risk Management Commercial Leader, says:
“TPRaaS is strategically aligned with EY’s Trust by Design methodology, which embeds risk management into services and products from the outset. EY TPRaaS is built with a similar objective to help organizations protect their customers’ data while also reducing the organization’s overall risk exposure. Additionally, TPRaaS allows clients to focus on the strategies that drive their business while our global teams help manage their third-party risk leading to increased operational efficiencies. Organizations are realizing that if third-party risk management is designed, implemented and managed effectively, it can be a source of competitive advantage.”
EY TPRaaS managed service offering addresses third-party risk management challenges faced by many organizations across a variety of risk lenses, such as information security and privacy, geopolitics and financial, reputational and regulatory compliance, by using cloud-based technology to work seamlessly with the third-party and client stakeholders.
Matthew Moog, EY Global Third-Party Risk Management Financial Services Leader, says:
“Our shift to managed service capabilities reflects anticipated market needs and fundamentally changes the value proposition EY teams provide to clients. Enterprises need to be able to create value by onboarding capabilities from third parties despite the risk across their business. The new EY TPRaaS solution combines experienced teams of professionals, proprietary risk models and cloud-based technology to help organizations create value as well as protect themselves against a multitude of risk factors – ranging from resiliency to information security and privacy.”
TPRaaS, which can be deployed within a typical timeframe of seven to nine weeks, uses preconfigured risk models and questionnaires coupled with emerging technology and several options for market data integration.
There are currently several EY clients using the TPRaaS solution across industries that include technology, media, financial services, healthcare, and life sciences.
For more information about EY Third-Party Risk as a Service visit ey.com/TPRM
Notes to Editors
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
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This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
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