Every third-party relationship is an entry point for risk. With the average enterprise managing hundreds, if not thousands, of third parties, that’s a lot of entry points. Yet, 50% of organizations still rely on spreadsheets to assess their vendors. Manual processes can’t keep up with today’s pace of business. Traditional risk management methods slow onboarding, […]
Artificial Intelligence (AI) is currently the headline act in third-party risk management (TPRM). From auto-answering questionnaires to reviewing evidence, AI accelerates efficiency and eliminates manual busywork. But here’s the truth: AI is only as effective as the program workflow that guides it. When managing assessments in the TPRM space, you need more than an algorithm. […]
Third-party risk teams face a growing challenge. As the volume and complexity of third-party assessments increases, so does the burden of reviewing evidence. Documents such as SOC 2 reports, SIG questionnaires, and internal security policies must be analyzed in detail before a third party can pass a yearly review cycle. While these documents are critical […]
When you use manual processes, third-party risk management (TPRM) can soak up valuable time and money—on both sides of the assessment equation. Where risk managers can get stuck spending hour after hour evaluating documentation, third parties can get bogged down responding to queries. Without the right technology, this leads to a more expensive process that […]
No matter what size your organization, you probably rely on third parties. If your organization is small (1-1K employees), you might use third parties to do things you couldn’t on your own. If you’re larger (10K+ employees), you likely use a third-party network to function at scale—and if you’re medium sized (1K-10K employees), you could […]
The modern organization relies on a larger, more integrated network of third parties and suppliers now compared to any point in history, a dependence that cuts both ways. On one hand, the vast third-party ecosystem that powers modern business allows companies to act nimbly, and do more with their current resources. At the same time, […]