The rising importance of third-party risk management (TPRM)
Manage third-party risk at scale: Drive efficiency and mitigate risk exposure for business resilience
Third-party risk management (TPRM) is becoming increasingly important as organizations expedite their business strategies to meet the changing demands of a post-pandemic world. Today, 60% of organizations are dependent on working with more than 1,000 third parties, and these numbers will only continue to increase as their business ecosystems expand and become more complex.¹
Challenges with the traditional TPRM approach
The traditional TPRM approach does not align with the hidden risk and unforeseen vulnerability many organizations face today. The static and manual processes of many traditional TPRM approaches can require many resources but lack measurable risk management value.
As the number of third-party ecosystem parties continues to grow, organizations recognize the need to improve and effectively manage their supply chain resilience. It is imperative that organizations deploy effective ways to manage third-party risks at scale while enabling their business outcomes.
Download this white paper to:
- Learn how the reliance on third-party ecosystems increases the risk of operational disruption and data security breaches.
- See why traditional approaches to third-party risk management are no longer sufficient in today’s interconnected business environment.
- Read Deloitte’s perspective on increasing business efficiency while mitigating third-party ecosystem risk.
1Matthew Davies, “Third-party risk management: Is your organization reaping the rewards or simply ticking a box?,” CPO Magazine, October 20, 2022.
Walter L. Hoogmoed, Jr.
