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 third-party 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.