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Watch the first webinar of Aravo’s Guide To Improving Third Party Risk series
Third party risk management (TPRM) programs are still in its infancy for many organizations. Aravo’s “Third-Party Governance & Oversight” 2019 survey results found that “50% of respondents perceive their program as ‘evolving’ with an additional 19% calling their programs ‘fragmented’ or ‘ad-hoc’.” The added pressures of data breaches and regulatory enforcement actions leading to reputational damage and significant fines in the range of millions to billions of dollars have swayed board members to take a top-down approach to ensuring an optimal third-party risk program is in place. Third party program maturity not only enhances board engagement but enables the company mindset to be future-focused and ready for change. Program owners and stakeholders also need to understand their own program maturity in order to educate the board about the importance of third-party risk oversight.
Attendees will learn how to: