Businesses in the financial services, healthcare and nonprofit sectors are heavily regulated with regard to procurement, contracting and management of relationships with third party vendors. Complying with those regulations is critical. However, the days of vendor management being purely a ‘compliance’ issue are fading away. More and more organizations are elevating the conversation about vendor management from a focus on compliance to, instead, a focus on risk.
That was the sentiment from a panel of vendor management experts at the 3rd Annual Third Party Risk Management & Oversight Summit. Risk, compliance and vendor management professionals from Abercrombie & Fitch, Centene Corporation and Ionic Security shared their thoughts on some of the ongoing and emerging vendor risks that keep them up at night. Pay attention – you may just recognize many of these vendor risks in your organization too.
This blog is part of a series on vendor management best practices and insights shared at the 2018 Third Party Risk Management Summit. More than 150 vendor management professionals from some of the most leading edge companies gathered to discuss this growing business discipline.