Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

20+ years of proven leadership experience and a strong track record in risk & control with experience in implementing risk and control techniques, e.g., risk identification, control assessment, risk mitigation, and management, ideally gained via working knowledge of Operations or Operational Risk Control/Management.

Q2. What are the emerging technologies for Third-party risk management (TPRM) in banking?

Some of the key emerging technologies involve Gen AI, which focuses on scalable tech-led processes for dynamic risk management, continuous AI monitoring for real-time risk identification, and using Gen AI for data insights to proactively manage risks.

Q3. Who are the leading TPRM solution providers in the banking sector?

• One Trust
• UpGrad
• RiskRecon
• Bitsight

Q4. How is the RegTech sector evolving to address TPRM needs in banking?

• Centralized oversight & governance
• Adaptive contractual requirements
• Ongoing monitoring
• Incident Management Framework 

Q5. What risks do third-party vendors pose, and how are banks ensuring their vendors adhere to robust data protection standards? 

• Cyber security
• Compliance
• Operational Risk
• Reputational Risk
• Strategic Risk
• Business Continuity Risk

Q6. What are the main challenges banks face in integrating TPRM across their operations? 

• Data security

• Lack of visibility

• Compliance & Regulatory requirements

• Legacy systems

• Supply chain

Q7. If you were  an investor looking at companies within the Banking sector, what critical question would you pose to their senior management?

Emerging competitors, most painful part of the organization and turnaround plan, Bottom line.