New York—April 26, 2016—After decades of being blindsided by supplier and service provider disruptions, businesses are turning to KPMG Spectrum to anticipate third-party vulnerability and act before disruption hits.
KPMG Spectrum launched Third Party Intelligence to empower businesses to take pre-emptive action against third-party disruption. KPMG Spectrum’s patent-pending technology not only monitors and reports third-party vulnerability, but also projects its impact well into the future. The greatest advantage that Third Party Intelligence offers is the ability for clients to act ahead of time.
“Many executives try to monitor disruptive events caused by third parties in real time, minimizing their ability to react quickly enough to contain resultant damage—whether financial, reputational, legal or otherwise. In the current environment, real time is no longer fast enough,” said Larry Raff, Hhead of KPMG Spectrum. “Third Party Intelligence allows us to alert clients to vulnerabilities in advance, giving businesses the insight to act ahead of time and potentially avoid disruption altogether.”
Third Party Intelligence draws on data sources, including financials from thousands of third parties in 90 countries, as well as millions of news feeds, websites and blogs from 48 countries.
Instead of filtering and presenting data to clients, sophisticated algorithms pinpoint and project vulnerability trends in individual third parties and the countries in which they operate. This makes Third Party Intelligence’s insight actionable—a key differentiator from risk data providers that leave this analysis to the client.
“A single incident with a supplier can have significantly negative implications to the organization and, ultimately, the end customer. With Third Party Intelligence, decision-makers across the organization can act with confidence to take a proactive stance against disruption threats caused by third parties,” Raff said.
Early users report a number of benefits, including the cost and time savings from avoiding business disruption and crisis management. Third Party Intelligence also enables businesses to shift resources away from data management to value-added activities and strategic initiatives.
“Supply chain disruptions can completely derail production and distribution operations,” said Brian Heckler, U.S. national sector leader for Industrial Manufacturing. “Third Party Intelligence improves transparency, giving manufacturers a broader view of the entire value chain and an early-warning system to identify growing risks, which enables them to take preventive steps before disruption strikes.”