Top 4 Third-Party Risk Management Trends

Podcast Transcript

Hi – this is Hilary with  Venminder.    

In this 90-second podcast, you're going to learn some of the top trends in third-party risk management for 2022. 

Here at Venminder, we have a team of certified industry experts who understand how to effectively build strong third-party risk management programs. 

Venminder's State of Third-Party Risk Management 2022 survey was distributed to hundreds of industry leaders with a goal of better understanding some of the top challenges and concerns they continue to face.

As a result, this survey revealed four key trends that are important to know: 

1. First, expect to see more scrutiny from regulators. The ongoing pandemic, an increase in cyberattacks and a growing demand for environmental, social and governance transparency has led to more attention from regulators and lawmakers.
2. Second, new and emerging risks need to be monitored. Unsurprisingly, cybersecurity still ranks as a top concern for many organizations. But, fourth-party risk and vendor business continuity are also important to consider as they grow and evolve.
3. Third, ESG issues are growing in importance. ESG reporting, or environmental, social and governance, is likely to be a big topic for regulators, stakeholders and customers. Although the U.S. hasn’t yet regulated ESG reporting yet, it’s important to plan and stay prepared for future guidance.
4. Finally, it seems our ongoing challenges will require efficient solutions. Many third-party risk management leaders are still struggling with inadequate resources as their programs continue to be understaffed or underfunded. Outsourcing processes or utilizing vendor risk management software are two possible solutions to address these issues and highlight the value of a strong program.

2022 is sure to be another eventful year for third-party risk management leaders. By understanding these important trends, your organization will be better prepared to face any new challenges that come your way.

Hope you found this podcast insightful. Thanks for tuning in and catch you next time!