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Best Practices

Third Party Risk Management Survey Discovers Top 3 Challenges

Apr 15, 2019 by Branan Cooper

Venminder’s State of Third Party Risk Management Survey provides insight into how financial services and financial technology companies manage third party risk management. To give you the biggest industry-wide view we even took it a step further this year and expanded into new markets like non-bank lenders, fintechs, wealth/asset management and brokerage and insurance companies in addition to banks and credit unions.

Each year we ask each market what their top 3 challenges are. Like last year, gathering documents from vendors continues to be one of the biggest vendor management challenges.

Top 3 Vendor Risk Management Challenges

Here are the results:

  1. Getting the right documents from vendors
  2. Completing risk assessments
  3. Having the right internal resources

If necessary, it’s important to become creative to obtain the right documentation. If your organization is struggling with gathering the correct documents from vendors, it can certainly lead to some costly consequences. All in all, your risk protection is only as strong as the due diligence being provided in conjuction with the analysis being conducted.   

What Else Is Creating Road Blocks?

Other challenges such as automating the process and keeping track of documents/dates made the list too. However, for the most part, markets no longer seem to be struggling as much with automating their third party risk management process which is a good sign that we’re headed in the right direction.

Interested in knowing what the top 3 challenges are in your specific market?

To learn more noteworthy findings, check out the full survey results and State of Third Party Risk Management whitepaper for a full analysis. Download your copy today. 

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan leads the Venminder delivery team as the third party risk management subject matter expert in residence. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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