Overwhelmed with questionnaires, redundant requests, and simultaneous inquiries, vendors may respond to due diligence inquiries with delays, shortcuts, and a declining appetite for “cooperation.” This affects Third-Party Risk Management (TPRM) managers, who in turn find it increasingly difficult to gather the information they need to onboard new vendors and document compliance. To make matters worse, mutual exhaustion undermines the working relationship, fostering resentment instead of reciprocal respect.
What’s the bottom line? How you treat your vendors could ultimately determine the success of your program. As TPRM programs continue to grow in value and complexity, employing automation technologies will be key for ongoing program maturity and maximum protection.
Read the Preventing Vendor Fatigue: Exhausted Third Parties Can Weaken Your Program white paper for practical advice on how to reduce vendor fatigue.
Learn how to:
- Tackle the obstacles that inhibit vendor enthusiasm, compromise response quality, and create processing delays
- Apply functions that fight fatigue including auto-scoping, question skip logic, and SIG ingestion/importing
Don’t miss this opportunity to refresh your Vendor Risk Management program and fight fatigue.