Venminder's State of Third-Party Risk Management 2023 survey provides insight into how organizations manage third-party risk today.
Results from the survey provide an in-depth look at current practices, challenges, compliance incentives, and third-party risk management benefits. For our seventh annual survey, Venminder surveyed individuals from a wide variety of organizations and industries, including financial services, fintech, retail, food services, insurance, healthcare, information technology, and more in a nice balance of different sizes ranging from less than $1B assets or less than 100 employees to more than $10B assets or more than 5,000 employees.
We can safely say that third-party risk management is more important today than ever and will become even more important tomorrow. While third-party risk management is a well-established practice, it’s also a constantly evolving one. Organizations of all sizes and industries must continually adapt and change to effectively identify, assess, manage, and monitor vendor risks.
Third-party risk management program metrics are on the rise
Cybersecurity is still the #1 concern in TPRM programs
The majority of programs use dedicated third-party risk management platforms
Vendor business continuity (BC) planning is a major priority
Third-party risk management is helping organizations avoid supply chain disruptions
Outsourcing is viable, but an underused option