Internal Resources Committed to Vendor Management
Real concerns in certain areas
Understaffed programs result in overworked and stressed employees, increased errors, overlooked risks, longer processing times, frustrated lines of business, unhappy vendors, and potential regulatory findings. Twenty-four percent (24%) of organizations reported having no dedicated vendor management employees and were relying on existing employees to share the workload.
Forty-one percent (41%) responded that they have 1-2 employees, which remains the same as the previous year. Budgets have increased though!
Commitment to
Vendor Management
How many full-time employees are dedicated to your vendor management program?
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Vendor Management Processes
At most organizations, vendor management is complex
No two organizations are the same, and the number of third parties under management isn’t necessarily related to the organization's size. Ten percent (10%) of survey respondents had less than 50 vendors and 12% had 51-100 vendors. It’s essential to have an accurate vendor inventory to identify the risk's scope and size. Your vendor inventory can tell you if you correctly identify your critical vendors, too.
Learn more about how many critical vendors organizations have as well as the percentage of organizations that have risk assessment processes, which operating model is more popular, and more.
How many total vendors are included in your vendor management program?
Size and Makeup of
Vendor Landscape
Third-Party Risk Management
Growth and Pressures
Maturity of Vendor Management Programs
Third-party risk management is a regulatory requirement for many. Still, simply having a program and going through the motions isn’t enough. While 28% of our respondents have a fully established and implemented program, another 41% of those surveyed reported a fully established program that requires improvement.
Where do people stand on defining out metrics and feeling pressure to improve? And let's not forget about hot topics like cybersecurity, ESG, and ROI.
What would you estimate is the maturity level of your vendor management program?
Size and Makeup of
Vendor Landscape
While not as volatile as the year preceding it, 2021 brought us closer to what might become our "new normal." Despite the broad distributions of COVID-19 vaccines, organizations everywhere faced uncertainty as the pandemic continued, cybercrime exploded, supply chains were interrupted, and millions of workers resigned.
Survey
Highlights
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In the face of all this change, organizations were continuously reminded of the importance of effective third-party risk management.
Commitment to
Vendor Management
Vendor Management Processes
Third-Party Risk Management
Growth and Pressures
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