Third party risk was identified as a top threat by compliance leaders in 2019. In fact, 83% of executives tell Gartner that third party risks were identified after initial on boarding and due diligence. As these external partnerships become increasingly complex, the need for a new vendor risk management approach is clear. Current monitoring approaches cannot account for inevitable changes in business today.
Increasing business reliance on third-party ecosystems, coupled with worsening market volatility and threats, is forcing risk professionals to manage third-party risk at a new level. Point-in-time risk assessments no longer provide enough timely, relevant data to support effective risk management efforts. In response, third-party risk intelligence (TPRI) solutions enrich internal assessment data with external information and analysis.
According to Gartner 71% of organizations report that their third party network contains more vendors than it did three years ago. The rapidly changing business environment demands new approaches to Third Party Risk Management that account for the new ways that organizations rely on third parties to advance business goals.
It’s clear that Third Party Risk Management needs a new approach. Welcome to Cyber Tzar’s “Qualify” and “Assure” products due to launch in 2022.