Financial institutions could do well to apply the “shift left” principle to their TPRM programs to catch third-party risk before it imperils their business.
| By The Mirato Team
The concept of “Shift Left” is to take a task that is traditionally done at the later stage of a process and perform it earlier in the cycle. The practice originated with software developers, who use it to find and prevent defects early in the software design process.
Financial institutions could do well to apply the “shift left” principle to their TPRM programs to catch third-party risk before it imperils their business. They can do so by incorporating a TPRM intelligence platform into their workflow. A TPRM intelligence platform automates the manual (and error-prone) processes associated with risk management and enables continuous monitoring of multiple data sources that can provide real-time insight into third-party vulnerabilities such as financial health, reputation damage, climate risk, and more.
Using sophisticated technologies such as AI and natural language processing (NLP), these advanced solutions continuously monitor and analyze raw data to offer contextualized insights that provide real-time alerts and potential impacts of emerging risk.
Read what Mirato’s CTO Etai Hochman has to say about the need for banks to “shift left” and embrace innovation in Risk Management magazine.