Financial institutions have long been aware of the need to manage risk in third- and fourth-party vendors, and most have a formal program for managing that risk. Yet an existing third-party risk management (TPRM) program may not address today’s increased levels of outsourcing and new global regulatory requirements for cybersecurity.
These factors are prompting many financial firms to reevaluate the strengths and focus of their vendor risk management strategy.
- How a modernized TPRM program helps security and risk teams address compliance requirements, exceed leadership's expectations, and maintain customer trust
- How new technologies like security ratings help streamline the TPRM process with a clear and consistent information that enables in-depth risk insights
- Why automation is essential to scale TPRM programs and continuously monitor the security performance of third and fourth parties over time
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