Report: Third-Party Risk Management Study
With the rise of data breaches, compliance issues, and supply chain disruptions companies have learned how to protect themselves and their customers by adopting third-party risk management (TPRM) initiatives. A 2022 report called Third-Party Risk Management Industry Study shows the current state of TPRM that will shape future trends. This will help organizations check their current systems and provide a benchmark for other companies.
Key highlights of the report include:
- 45% of respondents said that their TPRM programs are focused on IT Vendor Risk
- 2/3 answered that executives and board members have more visibility on their TPRM programs
- 45% are using spreadsheets to assess their third parties
- 36% are planning to upgrade or implement a TPRM solution within the next 12 months
- 45% reported that their company has experienced a security breach connected to a third party in the last 12 months
- 74% of those surveyed have reported on third-party data privacy and protection controls
- 69% are concerned that their third party are exposed to security incidents due to poor vendor security practice
Event: ILTACON 2022
This week legal professionals and industry leaders will gather at Gaylord National Resort & Convention Center in Maryland for ILTACON 2022. The event will run from August 21 - August 25. Sessions will include speakers from Thomson Reuters, Litera, Microsoft and Baker McKenzie.
InfiniGlobe is a consulting and software company that specializes in helping corporate legal departments and law firms maximize their technology investments. Reach out to us at info@InfiniGlobe.com or at (833) LGL-TECH.