Protiviti and Shared Assessments recently published the fourth edition of our Vendor Risk Management Survey which explores how organizations evaluate and manage the risks associated with utilizing third (and fourth) party providers to support critical business functions.  This research is relevant to anyone within your organization who is responsible to engaging, managing, or assessing vendors.  It also provides additional information that organizations can use to benchmark their progress against their industry peers.  Learn more below.

Synopsis:

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.

This is the fourth year that the Shared Assessments Program and Protiviti have partnered on this research, which is based on the comprehensive Vendor Risk Management Maturity Model (VRMMM) developed by the Shared Assessments Program.

Our key findings this year:

  • Vendor risk management is improving.
  • Boards have set their sights on cybersecurity.
  • “De-risking” vendors is on the rise.

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