COVID-19 has increased organizational focus on third-party risk management for 83% of companies. Only 40% of organizations report expanding their TPRM programs as a result. 44% report not actively tracking supply chain risks, which were the primary pandemic-related third party risk management impact. The risks from the supply chain have never been more perilous, with growing risks in the areas of cybersecurity, bribery and corruption, finance, geopolitics, and more. Companies should seek a solution that can handle the associated volume of data and complexity by automating the tasks needed.
Source: https://www.helpnetsecurity.com/2021/07/12/select-third-party-risk-management/