What’s new with Third Party Tracker: A better way to manage the third party risk lifecycle
PwC’s Third Party Risk Management (TPRM) practice announces the enhancement of our third-party risk management technology solution, Third Party Tracker
PwC is proud to announce a new milestone in how we leverage technology to enable the delivery of our third party risk management services, with a significant update to Third Party Tracker, our third party risk management (TPRM) solution.
The recent update demonstrates the firm’s commitment to staying on the leading edge in how we deliver our TPRM managed services. We’ve redesigned the tool to help customers manage third party relationships throughout the lifecycle and across multiple risk domains including information security, reputational risk, privacy, physical security, and ESG.
Built on PwC’s leading TPRM Framework and designed to complement PwC’s TPRM managed services, the upgraded Third Party Tracker incorporates leading practices to effectively and efficiently help clients manage the lifecycle of third party relationships and protect the business from external risks. The latest enhancements demonstrate PwC’s continued investment in creating industry leading products to enable a digital-first delivery of our more traditional services.
“From day one of this initiative, we have focused on ensuring Third Party Tracker complements our TPRM services,” said Garit Gemeinhardt, the partner leading the redesign and go-to-market strategy for the Third Party Tracker enhancements. “We saw that many of our clients had manual, siloed processes, so we built Third Party Tracker to enable more effective and efficient TPRM process execution. By leveraging our significant experience in delivering TPRM managed services, these upgrades will help our clients reduce costs, demonstrate compliance and protect their businesses with an automated, streamlined solution.”
Reimagining Third Party Tracker
With Third Party Tracker’s recent updates, the platform is configured to assess multiple risk categories like information security, reputational risk, privacy, physical security, and ESG out of the box. It also provides the ability to assess risks at both the third party and contract/engagement levels. The expanded solution is designed to provide supplemental services for high-volume assessment (HVA) managed services and deliver additional due diligence functionality. New integrations with key cyber intelligence service providers allow for continuous monitoring of emerging cybersecurity risks. The latest updates aim to create a more seamless integration between planning and due diligence activities, providing clients time to focus on managing risks and outcomes versus administrative activities.
Key benefits of Third Party Tracker include:
Manage third party risk - Third Party Tracker is built to complement PwC’s trusted TPRM Framework to help clients manage and track their third-party relationships from a centralized location.
Streamline operations and improve efficiency - Third Party Tracker helps clients enhance their third-party intake process with customized surveys and risk assessments.
Continuously monitor for emerging risks across multiple risk domains including cyber, ESG, location, privacy and reputational risk - Third Party Tracker leverages data and analytics to monitor your third-party relationships and detect risks across multiple domains, providing alerts on any risk-related issues for review and remediation.
Increase transparency with executive dashboards and custom reporting - Third Party Tracker provides clients easy access to key performance and risk metrics. Clients can automatically generate and export detailed and executive-level reports to help them understand risk exposure, controls, identified findings and more.
Our new and improved Third Party Tracker has been redesigned to meet our customer’s TPRM needs and help bring our TPRM framework to life. This evolution aligns with the firm’s vision of designing, developing and delivering innovative human-led technology solutions for our clients. We’re even better positioned now to quickly and seamlessly operationalize TPRM emerging trends and thought leadership into managed services operations. It’s a process of continuous improvement. Our goal is to constantly look for opportunities to improve our technology to complement our managed services and align with emerging risk practices. - Garit Gemeinhardt, Partner, Cyber, Risk & Regulatory, PwC US
Managing risk with an effective TPRM technology strategy
As the technology landscape continues to innovate and evolve, companies should revisit their organization’s technology strategies to align with leading practices and changing business requirements. By managing your TPRM technology strategy effectively, your company can establish a TPRM program to appropriately manage risk while providing valuable insights and maintaining efficiency. Leaning on technology to help implement third party risk management is key.
PwC’s TPRM practice is supported by a dedicated risk management and compliance practice, with more than 15,000 professionals in the US and over 40,700 globally. With extensive experience in both developing and implementing TPRM technology strategies across industries, we apply the latest industry practices, technology innovations and regulatory feedback impacting our clients’ TPRM programs.
We can support you through our end-to-end suite of TPRM design, implementation, technology enablement and managed services solutions with the same dedicated team. Proven accelerators built around the TPRM lifecycle — and based on years of experience — provide a blueprint for success at each stage of the journey.
To learn more about how PwC’s TPRM practice can help your organization manage third-party risk, please visit us at www.pwc.com/us/tprm.