As rapidly changing risk and regulatory environments continue to challenge vendor risk management capabilities, the results of the latest Vendor Risk Management Benchmark Study show that:
- Organizations in all industries are making incremental progress in improving how they manage vendor and third party risks.
- Governing boards are increasing their level of engagement with cybersecurity risks, an important trend because board engagement continues to correlate highly with self-reported third party risk management practice maturity.
- A majority of companies plan to de-risk (via exiting or changing) third party vendor relationships that pose the highest risks.