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, […]
Third-party vendor breaches are escalating at an alarming rate. In 2023, 61% of organizations reported experiencing a third-party data breach or cybersecurity incident in the past year — marking a 49% increase from 2022. As third-party ecosystems grow more complex and interconnected, the stakes have never been greater. According to IBM, the global average cost […]
In third-party risk management (TPRM), evidence documentation is everything. It’s how third parties prove they have controls in place, giving risk teams insight into the implementation and maintenance of critical controls. Unfortunately, in today’s overwhelming TPRM environment, the focus on document reviews is less of an information add and more of a bottleneck for risk […]
The pressure on financial institutions to manage third-party risk is mounting — and the stakes have never been higher. As one of the most highly regulated industries in the world, the financial sector faces intense scrutiny from regulatory bodies across the globe — with potentially budget-breaking consequences for non-compliance. In 2024, financial institutions faced an […]