2024 State of Third-Party Risk Management Whitepaper

The 2024 State of Third-Party Risk Management whitepaper presents findings from Venminder's annual survey, which investigates how organizations manage third-party risks. The survey encompasses a diverse range of industries, including financial services, healthcare, and technology, and captures insights on current practices, challenges, and the evolving landscape of third-party risk management. It highlights the increasing complexity of managing these risks due to factors such as cybersecurity threats, regulatory pressures, and the emergence of artificial intelligence. The document outlines the importance of understanding vendor criticality and maintaining comprehensive inventories of third parties. It also discusses the necessity for organizations to adapt their risk management frameworks to effectively identify, assess, and monitor third-party risks. The findings indicate that organizations are feeling pressure to enhance their risk management programs and that there is a perceived return on investment in these activities. Additionally, the paper emphasizes the importance of having dedicated resources and tools to support effective risk management.