TPRM Challenge: Integrating Alternative Datasets
This blog series discusses four key third-party risk management challenges for 2022. Last week we investigated the underestimation of requirements to execute Sound TPRM. This week: integrating alternative datasets.
Authors: Stefan Peekel & Danny Haydon
The increasing access to alternative data opens opportunities for advanced analytic approaches combining different types of sources. A key example for TPRM is the use of negative or adverse news. The involvement in adverse or negative news stories is one of the most prominent indicators of third-party risk. These stories can for example unveil a party’s financial struggles, associations to criminal activity, or involvement in investigations by regulators or governments.
All these types of events are reported by news sources and media prior to any official confirmation. With increased regulatory and societal attention on effective risk management and the widely regarded benefits of monitoring news, adverse media screening is quickly moving from optional to mandatory. Accordingly, organizations should implement a comprehensive approach and capability to analyze and gain insights from alternative datasets.
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This blog discussed integrating alternative datasets. This is one of the four key challenges we investigate in our white paper ‘The Role of Technology & Data in Addressing 2022’s TPRM Challenges.’ Want to read about the other challenges and how technology adoption can be a cornerstone strategy to address them? Download our white paper!
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