The report highlights the importance of using data-driven intelligence for effective third-party risk management. Enterprises rely on numerous suppliers to maintain operations and bring products to market, but each supplier relationship can either act as a defense against external instability or as a point of weakness. Technology allows for central management of all third-party "contact points," and those responsible for selecting, implementing, or using a platform with supplier and contract management bear a significant responsibility for proactive risk mitigation. The report discusses three critical intersections of technology, risk, and systems-enabled third parties: security requirements validation, financial stability monitoring, and reputational protection. The report emphasizes the importance of validating security requirements and ensuring that suppliers have adequate coverage against risk. It also highlights the need for monitoring financial stability and protecting reputation.
