In Vendor Risk Management, Cybersecurity, Data Governance and Broadening the Board’s Perspective Are Key Goals

More than half of respondents to the 2017 Vendor Risk Management Survey said they are extremely likely or somewhat likely to exit their third-party relationships, for reasons ranging from the need to assess third-party subcontractors to cited lack of skills or resources to perform vendor assessments to ensure the risks are at an acceptable level. While attempting to limit cyber risk is understandable, companies that bring operations in-house can potentially face other significant risks — such as the risk of falling behind the innovation curve and not taking advantage of new technologies or efficiencies third parties provide. This article discusses a more sustainable approach to the obstacles at hand.