AI and Automation Are Reshaping Third Party Risk in Financial Services

Desmond Campbell draws from over 25 years of experience to highlight how third-party risk management is evolving, particularly under pressure from regulations like DORA.

He stresses that it’s no longer enough to manually assess suppliers with endless checklists. Instead, firms must automate and streamline these processes—merging repetitive questions and leveraging shared supplier data—to build operational resilience and shorten onboarding times.

He also underscores the importance of supply chain visibility. Understanding not just your third-party providers, but also their fourth and fifth parties, is vital. Firms should demand transparency, ensure strong continuity planning, and establish rapid offboarding protocols with alternative providers ready to step in.

Events like CeFPro’s Vendor & Third Party Risk Europe play a critical role in sharing best practices, helping professionals align on terminology, and navigating the complexities of third-party risk in today’s digital landscape.