In your opinion, what is the biggest challenge faced by organizations when it comes to third-party risk management?
Limited visibility into third-party activities38%
Lack of resources for managing third-party risks31%
Insufficient contractual protections39%
Resistance from third parties to comply with security requirements37%
All of the above29%
None of the above
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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.
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