How Automating Third-Party Risk Management Helps Financial Institutions Address New Regulatory Requirements
Financial institutions have long been aware of the need to manage risk in third- and fourth-party vendors, and most have a formal program for managing that risk. Yet an existing third party risk management (3PRM) program may not address today's increased levels of outsourcing and new global regulatory requirements for cybersecurity.
These factors are prompting many financial firms to reevaluate the strengths and focus of their 3PRM strategy.
Download this whitepaper to learn:
- How a modernized program helps risk management teams address compliance requirements, exceed leadership's expectations, and maintain customer trust;
- How new technologies like security ratings help streamline the 3PRM process with a clear and consistent information that enables in-depth risk insights;
- Why automation is essential to scale 3PRM programs and continuously monitor the security performance of third and fourth parties over time.