Third-party risk management (TPRM) has become crucial to success for today's industrial manufacturing businesses. As new global research by KPMG International reveals, however, manufacturers are enduring serious TPRM challenges that include major supply-chain disruption, insufficient skills and budgets, underperforming technology and soaring cyber threats.

In today's hypercompetitive global environment and the growing complexity of supplier networks, manufacturers are facing no shortage of challenges on the journey to TPRM maturity, according to KPMG's Third-Party Risk Management Outlook 2022 report. Our findings should serve as a wake-up call on the need for sector businesses to reassess and enhance their TPRM capabilities and operating models.

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