Third-party risk management, or TPRM, refers to the review, analysis or control of unforeseen circumstances arising from a business’s collaboration with third parties, such as vendors or suppliers. Through this process, enterprises can gain insights and establish procedures to manage potential economic loss.
TPRM should ideally begin with an enterprise identifying any critical third-party relationships that it relies upon for supplies or sourcing. Third-party risk management as a key organizational strategy enables enterprises to optimize performance across a range of supply and demand outcomes.
Learn more about GEP’s supply chain risk management.
GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
GEP NEXXE is a uniﬁed and comprehensive supply chain platform that provides end-to-end planning, visibility, execution and collaboration capabilities for today’s complex, global supply chains. Built on a foundation of data, artiﬁcial intelligence and cognitive technologies, GEP NEXXE helps enterprises digitally transform their supply chains and turn them into a competitive advantage.