Increasing pressures in the risk and regulatory environments continue to pose severe challenges to vendor risk management (VRM) programs, often offsetting incremental program improvements over the past 12 months. The results of this fifth annual study from Shared Assessments and Protiviti indicate that:
- There is a strong correlation between high levels of board engagement with VRM issues and vendor risk management capabilities.
- Vendor risk management programs are barely able to keep up with the fast pace of change.
- Resource constraints represent one of the largest VRM challenges for organizations.