As the economic recovery picks up speed, third-party risk management (TPRM) is more important than ever before. Faced with supply chain disruption, cyber threats and growing inflationary pressure, global businesses are assessing their operational resilience and reviewing their dependence on third and fourth parties.
KPMG International's new research - which surveyed 1,263 senior TPRM professionals across six sectors and 16 countries worldwide - reveals that TPRM is a strategic priority for 85 percent of businesses, up from 77 percent before the outbreak of the pandemic. Nonetheless, the outlook for TPRM presents no shortage of challenges.
Our findings demonstrate the need for TPRM leaders to make a step change in their operating models and their approach to third-party risk. This need will only grow as supply chains and broader ecosystems continue to expand, and the risk presented by fourth parties creates further complexity.
