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The State of Third Party Risk Management

Booz Allen Business Insights

An overview on the state of third party risk management and what you can do about it.

Companies often find themselves struggling to maintain a vigilant third party risk management program because of the difficulties in obtaining timely and insightful information and the complexity of consistently translating that information into risk decisions aligned with corporate risk appetite.

But with a simplified approach—one that includes narrowing focus, enabling lifecycle management, and leveraging technology and analytics—third party risk management can be an integrated function of your business, and not just a cost of compliance.

In this Business Insight, Drew Wilkinson discusses the important issues about third party risk management:

1.      Third party risk management programs are (still) deficient.

2.      Get the complete story – not just their story

3.      Address risk throughout the lifecycle

4.      Avoid third party risk management pitfalls

5.      Use technology to your advantage

See how our automated GRC 3rd Party Risk Manager Tool is helping organisations collect all the information they need in a controlled and timely manner. These organisations have visibility of the compliance status of their entire eco-system, thereby minimising the threat of non-compliance and the impact of potential supply-chain cyber attacks.
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