Not just a technology change – look to create value for the whole business
SAFE client Honeywell International, the Fortune 500 company, set out a few years ago to create a transformational third party/vendors onboarding and risk management model and gained a wealth of hands-on experience that Depender Singh, Director of Cyber Security, shared with our Resha Chheda and Pankaj Goyal in a recent webinar.
If you’re still lost in a purgatory of spreadsheets, emails and questionnaires trying to run your third parties, you’ll want to watch the webinar on demand now: How Agentic AI Is Rewriting the TPRM Rules.
Here are some of the key takeaways from the webinar:
In re-thinking TPRM, think of your people first. “At Honeywell, we say people are our biggest asset,” Depender said. Any transformation must account for them.” Legacy TPRM not only misses risks, it burns out people.
Reimagine the entire vendor lifecycle—not just incremental changes. Depender said that “we consider third party risk to be first party risk,” all risks are interrelated and need a holistic viewpoint. Aim for continuous monitoring and real-time risk insights throughout the vendor lifecycle.
Onboarding and due diligence, the two early steps in the lifecycle are the most critical. “Missing here means expanding the attack surface” and serious problems down the line.
Keep your eye on the prize: better decision-making. In TPRM transformation, evaluate your moves on the basis of speeding and clarifying decision-making, especially by reducing busywork. It’s about freeing up time for risk managers to focus on strategic decisions—empowering them to be true enablers of the business.
Choose KPIs for TPRM transformation based on value to the whole business. Honeywell International sets business-wide success markers, for instance, measuring the progress across business units using a common set of controls for compliance with ISO 27001 or other standards. A single software platform for the company furthers that goal.
Depender adds “This is where SAFE comes into play giving us that scientific calculation to quantify the impact in a consumable way can be communicated to our business stakeholders.”
AI solves TPRM’s problems. Whether it’s onboarding, continuous risk monitoring or winning the time back from inefficient manual processes, “The future of TPRM is 100% autonomous,” Depender said. “Start your journey today—before it’s too late.”
Learn more from SAFE and Honeywell on transforming TPRM, watch the webinar on demand now: How Agentic AI Is Rewriting the TPRM Rules.
SAFE delivers a TPRM solution that runs with minimum human intervention. Unlike other solutions that only automate a few of the steps of the vendor lifecycle, SAFE’s specialized AI agents autonomously manage the full vendor assessment lifecycle without needing constant oversight or manual input. See for yourself:
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