Third Party Risk Management

Identify, monitor, and mitigate third party risks

Effectively mitigate growing third party risk

To best identify and monitor evolving third-party risk, leading organizations are moving from a point-in-time risk management approach to one that is iterative — and accounts for the new ways in which organizations are relying on third parties to advance business goals.

Our third party risk management research helps legal leaders streamline upfront due diligence to focus on critical risks, create relationship controls to compel compliance, and establish business-driven methods for ongoing risk management analysis.

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Third party risk management needs a new approach

Third party risk was identified as a top threat by compliance leaders in 2019. In fact, 83% of executives tell us that third party risks were identified after initial onboarding and due diligence. As these external partnerships become increasingly complex, the need for a new vendor risk management approach is clear. Current monitoring approaches cannot account for inevitable changes in business today.

83% of legal and compliance leaders identify third-party risks after due diligence

71% of organizations report their third-party network contains more third parties than it did three years ago. The same percentage reports their third-party network will grow even larger in the next three years.

Manage growing third party risk with new risk management strategies

71% of organizations report that their third party network contains more vendors than it did three years ago. The rapidly changing business environment demands new approaches to third party risk management that account for the new ways that organizations rely on third parties to advance business goals.

Insights you can use

Gartner provides the research, tools and advice legal and compliance executives need to create strong third party risk management strategies. Use these insights to identify and monitor third party risk in your organization while promoting strategic risk-taking for business growth.

Partner Across the C-Suite on Third Party Risk Management

40% of companies lack any clear third party risk management responsibilities for functional partners. Identify the five key process changes that can help your team to maximize third party risk outcomes.

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Learn the Benefits of Third Party Partnerships

60% of organizations work with over 1,000 third parties, and these numbers will only continue to increase as business ecosystems expand and become more complex. Gartner insights can help you identify, manage and harness third party risk in your organization for business growth.

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Adopt a New Approach to Third Party Risk Management

As organizations increasingly work with a large number of third parties, it’s more important than ever to maintain a strong risk management strategy. This article explores three key actions to take to implement an iterative approach to ongoing monitoring of third party risk.

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Testimonial

How do we support risk management?

Sonia Galindo, former General Counsel and Corporate Secretary at Rosetta Stone, describes how Gartner helped the organization strengthen its global risk management strategy.