In your opinion, what is the biggest challenge faced by organizations when it comes to third-party risk management?

Security & GRC Third Party Risk Management (TPRM)

Limited visibility into third-party activities44%

Lack of resources for managing third-party risks28%

Insufficient contractual protections35%

Resistance from third parties to comply with security requirements43%

All of the above26%

None of the above

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Lead Cloud Transformation Architect3 years ago

The biggest challenge faced by organisations when it comes to third-party risk management:

- Vendor Lock-in
- Lack of visibility and control
- Complexity of the third-party ecosystem
- Regulatory and compliance requirements
- Lack of resources and expertise to manage 3rd party risk
- Cultural and language differences
- Changing political landscape (eg. Russia based 3rd party vendors)

To address these challenges, organisations need to establish robust 3rd party risk management programs that include policies, risk assessments, contractual obligations, monitoring mechanisms, exit strategy, and ongoing communication with third parties

1 1 Reply

no title2 years ago

Hello,<br>indeed. The lock in is a serious problem and now speaking about whole business founded on data AI driven, it becomes a technological and potentially economic lock in.

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