Third-party systems form a critical component of customer experience in current digital marketplace. Companies should be aware of third party risks at all times while reaping the benefits of the increased integration.
The increasing reliance on third parties brings with it potential risks that must be identified and remediated across the supplier’s relationship lifecycle. AI can help procurement teams evaluate business risks far more quickly by identifying and prioritizing those risks.
Corporate boards are increasingly concentrating on cybersecurity issues. Here’s how to ensure they focus on third-party risk, too.
To prevent compromises in supply chains, companies need to solidify the importance of managing third party risk, institute continuous monitoring solutions and improve the resilience of their suppliers and systems.