More than 80% of legal and compliance leaders tell us that third-party risks were identified after initial onboarding and due diligence, suggesting traditional due diligence methods in risk management policy fail to capture new and evolving risks.
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Third party risk was identified as a top threat by compliance leaders in 2019. In fact, 83% of executives tell us that third party risks were identified after initial onboarding 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.
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.
Gartner provides the research, tools and advice legal and compliance executives need to create strong third party risk management strategies. Use these insights to identify and monitor third party risk in your organization while promoting strategic risk-taking for business growth.
More than 80% of legal and compliance leaders tell us that third-party risks were identified after initial onboarding and due diligence. This Virtual Briefing breaks down the key elements of third-party risk management, highlighting opportunities for assurance alignment and cooperation.
60% of organizations work with over 1,000 third parties, and these numbers will only continue to increase as business ecosystems expand and become more complex. Gartner insights can help you identify, manage and harness third party risk in your organization for business growth.
As organizations increasingly work with a large number of third parties, it’s more important than ever to maintain a strong risk management strategy. This article explores three key actions to take to implement an iterative approach to ongoing monitoring of third party risk.
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Sonia Galindo, former General Counsel and Corporate Secretary at Rosetta Stone, describes how Gartner helped the organization strengthen its global risk management strategy.
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