Amid record numbers of third-party data breaches, supply chain disruptions and the war in Ukraine, organizations are starting to adapt their third-party risk management (TPRM) programs to address new and emerging risks outside of the information technology (IT) realm, the Prevalent 2022 Third-Party Risk Management Study found. Between February and March 2022, Prevalent surveyed leaders directly involved in TPRM to understand how organizations are navigating today’s third-party challenges and staying ahead of future risks.
TPRM is at a crossroads and much more needs to be done, the study reveals. The study found seven key observations about the state of third-party risk management today: