Organizations around the world are facing a level of economic instability not seen since the beginning of the COVID-19 pandemic. Each day brings with it new announcements of mass layoffs, missed earnings, and slower-than-expected economic growth. Undoubtedly, the suppliers, vendors and other third-parties that your organization relies on to deliver services and products to its customers will also be affected by these economic conditions, which can result in them decreasing IT security spending, laying off staff or shifting their strategy. If not properly managed, these relationships can introduce risk to business outcomes.
With this much uncertainty, now is the time to invest in making your third-party risk management (TPRM) program recession-proof in 2023. Indeed, economic hardships can improve TPRM, forcing teams to rethink their programs and embrace more efficient, effective, and scalable solutions to reducing third-party risk.