Effectively managing third-party risk has become crucial for companies.
Not only is it key to helping protect a company's reputation, which is crucial for maintaining customer trust and loyalty, but many industries are subject to regulatory requirements that mandate compliance with specific standards and guidelines, and companies must ensure that their third-party vendors also comply with these regulations to avoid legal and financial penalties.
Not only this, but poor third-party management can result in financial losses due to fraud and breaches, not to mention the delaying of core operations.