Elizabethtown, KY - Venminder, a leader in third-party risk management solutions, recently conducted their fourth annual survey of third-party risk professionals to gain insight and find trends into how organizations are managing the risks associated with doing business with third parties in today’s increasing regulatory and risky environment. The company has now shared the findings of the survey within their annual downloadable whitepaper, State of Third-Party Risk Management.
Highlights from the survey of third-party risk professionals include:
- Vendor cybersecurity and fourth-party vendors remain the top hurdles for 2020
- 74% believe effective vendor management creates a real return on investment while heading off problems
- 72% have 1-5 people dedicated to vendor risk management
- Only 12% now report to the lines of business or IT as there continues to be a migration to make third-party risk independent of lines of business and report to the board or senior management
- 71% believe third party risk management is getting more scrutiny by the regulators
- 54% say they use a centralized operating model
- 71% say they have updated their vendor management policy documents in the last year
“This whitepaper is a comprehensive resource that allows readers to see the current state of third-party risk management as well as the ability to compare and benchmark their organizations’ processes,” said James Hyde, CEO at Venminder. “The regulatory expectations are certainly not going away for those in highly regulated industries and there’s now a drive through all other industries as all sorts of organizations catch up to implement a third-party risk management program. With today’s risk climate, especially with so many changes in privacy standards, it’s got to become a common practice and should absolutely be a focus.”
The full survey findings are available to download on Venminder’s website by clicking here.
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