Only 12% of organizations rate their third-party risk management (TPRM) program as highly mature in a recent AuditBoard poll of over 1,000 internal audit and risk management leaders. While organizations have drastically increased their use of third parties, TPRM maturity hasn’t kept pace.
Today’s volatile risk climate requires us to think differently and view risk with an understanding of an organization’s reliance on third parties for mission-critical business processes. Has your organization prioritized resiliency around the critical processes supported by third parties?
Organizations must learn how to leverage TPRM-enabling technologies and data to create strategic value and drive continuous risk reduction across the third-party surface area. 83% of leaders only identified third-party risks after due diligence and initial onboarding steps were completed. At that point, it may be too late. Third-Party Risk Management: Trends and Strategies to Help You Stay Ahead of the Curve, an ebook from AuditBoard and RSM, translates current TPRM trends and lessons learned into actionable ideas to help your organization identify, reduce, and monitor third-party risk. Download the full guide today for:
- A detailed analysis of notable trends in TPRM governance/oversight, technology, and areas of risk focus (e.g., Nth-party diligence, cybersecurity, data privacy, ESG).
- Actionable strategies and guidance for key TPRM initiatives to prioritize, including:
- Increasing executive and board involvement.
- Supporting risk-based prioritization of initiatives.
- Using TPRM technology solutions and automation to enable continuous monitoring.
- Weighing the benefits and costs of cyber insurance coverage.
- Key questions and considerations for assessing TPRM maturity.
