Third Party Security in the Year 2030

The demands on third-party risk management programs are exponentially increasing, highlighting the need to broaden coverage while simultaneously deepening insight. Recent technological innovation has created new possibilities, but because these advancements have been directed towards automating traditional, survey-based processes, it has been challenging to realize the necessary transformation. Given the large-scale, innovation-led disruption to standard business processes that are foreseeable in the next five years, proactive thought and action is required even more.

To address this accelerating need for change will take a combination of technology and first principles thinking, returning to the fundamental objectives of Third-Party Security: identification of risk in the third-party population; assessing risk so it can be prioritized; and taking the appropriate action to mitigate risk. By rethinking how to most effectively utilize available third-party data and having a clear understanding of the objectives, it becomes possible to achieve unprecedented outcomes with much greater efficiency.