Tell me if this is you: You have more third parties to deal with than ever before and countless compliance requirements to meet. But you lack the resources and process to consistently assess third-party risk (at least in a way that doesn’t suck the life out of you). If this hits a little too close to home, take heart – you’re not alone.
Prevalent conducted in-depth maturity assessments with dozens of organizations over the last six months, and we learned that most third-party risk management practices slip up in five key areas: Content, Roles and Responsibilities, Coverage, Governance, and Remediation.
The good news? Our research shows that there are very specific steps you can take to keep from sliding backward.
>> Check out this infographic to see a summary of the top risks and recommendations.
When analyzing the results of the maturity assessments, we looked that the responses through five lenses:
Shockingly (or perhaps not), the average maturity score across all five areas noted above was a whopping 2.53 out of 5. It wasn’t all bad news, though. Maturity levels by category were:
Are we seriously celebrating a 2.88? That’s still an “F” folks, even if you round up. And Governance? Nowhere to go but up!
>> Download the research paper to read the complete findings of top risks and recommendations.
In analyzing the responses there were a few risks that stood out among the others, such as:
To see the full list of risks, plus recommendations to advance your program maturity, download “The Path from Reactive to Proactive Third-Party Risk Management” now. We’ll also share an infographic that summarizes the 9 pitfalls and offers 24 tips to help you climb the ladder to TPRM maturity.
After checking out the research, benchmark your own third-party risk management practices against your peers by registering for your own full, free maturity assessment. We even have a 10-question online version that will provide you with a quick score to provide some direction.
Don’t go it alone! Use this peer-driven guidance to get off that slippery slope and onto the path to TPRM maturity.