The current state of vendor risk management (VRM) is bleak. More than half of all information security breaches are caused by third-party vendors. Given the growing complexities in accurately collecting and screening third-party data and the need for deeper due diligence, automation is key to a successful risk program. However, many corporations haven’t adopted automation in their third-party risk management programs.
The lack of automation adoption can be traced to a few core reasons. Disparate systems, out-of-date data, and inconsistent policies can all stifle a company’s ability to modernize their third-party risk management program, and companies often suffer from more than one of these. When applied effectively, automation can not only help prevent these roadblocks; it can also drive the efficiencies procurement and compliance leaders are looking for. Watch this on-demand webinar to learn the key steps to automating third-party risk management, including how to:
- Manage an up-to-date vendor master to create one source of truth across the entire corporation,
- Leverage automation and machine learning to standardize data governance,
- Drive efficiencies and reduces costs, while ensuring the highest accuracy in your third-party risk management program.