Third-party risk management in many organisation's has continued to benefit from greater executive awareness; however significant changes in the external environment have slowed down progress in implementing holistic, integrated frameworks and risk management mechanisms over the last 12 months.

Despite this awareness, and some associated improvements in TPGRM, five key areas exist where further effort is required by most organisations:

  • Dependency and vulnerability
    Despite high dependency on third-parties, organisations are still not fully equipped to manage the risks in a holistic and coordinated manner, including those arising from external uncertainties.
  • Relationship management
    Understanding of third-parties is increasing but comprehensive, data-driven risk management and capability to predict emerging risks is still developing.
  • Governance and risk management processes
    Despite executive sponsorship there is still a long way to go to get processes and technology working effectively.
  • Technology platforms
    An integrated TPGRM technology platform that addresses the needs of every organisation has not emerged.
  • Emerging delivery models
    New delivery models are emerging (e.g. utility models, hubs) to better address the challenges of managing third-party risk

Our report looks at how global organisations are addressing the challenges they face in managing third party risk, as they face uncertainty in the external environment and develop various hybrid and innovative delivery models that enable the organisation to remain agile and competitive in the marketplace.

Download the full report

Download the interactive version

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.