As businesses scale to keep up with the demands of digital transformation, the reliance on third parties and the
emergence of the digital supply chain is an innate part of almost every business function. According to a report by Audit Committee Leadership Network, two-thirds of nearly 400 private and public companies reported having over 5,000 thirdparty relationships, with some having many more.
To build a successful Third-Party Risk Management (TPRM) program at scale, you’ll need software designed specifically for the task. TPRM software is a powerful tool that organizations can leverage as risks evolve within cybersecurity and privacy domains – but also as other risk domains move to the forefront, such as environmental, social, and governance (ESG) as well as ethics and compliance. In doing so, it’s critical to choose a software provider that can scale to the breadth and depth of the changing third-party risk landscape. The success of a TPRM program is often dependent on aligning your approach to cross-functional requirements. Below are a few teams to engage as well as the benefits they can expect from a well-run TPRM program.