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:
- Getting the right documents from vendors
- Completing risk assessments
- 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.