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Survey: Trials, tribulations of third-party risk management

Jaclyn Jaeger | November 1, 2016

Many companies continue to face a long list of trials and tribulations pertaining to their third-party risk management programs, according to a new survey jointly conducted by Compliance Week and Crowe Horwath.

When asked to identify current challenges posed by third-party risk management programs, respondents rattled off a litany of compliance woes: lack of technology to help manage workflow, lack of third-party participation, the inability to produce meaningful reporting, and much more.

“Overall, the survey tells us third-party risk management is continuing to evolve,” says Gayle Woodbury, managing director in Crowe Horwath’s risk consulting practice. “Although some companies have clearly moved beyond the basics in terms of maturity, many are still working through some foundational elements.”

According to the survey, 42 percent of 101 respondents cited third-party...

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