Digital transformation has allowed businesses to scale quickly, serve customers more consistently, and lower operating costs — resulting in increased dependence on external parties. According to Gartner, “IT vendor risk management responsibilities often lack consistent, integrated practices for identifying, monitoring, mitigating and reporting vendor risks.”
Is your organization able to monitor vendor risks throughout that vendor’s entire life cycle? Gartner recommends doing so to decrease exposure to cyberattacks and operational risks that threaten business continuity and operations.
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Details about the report:
Gartner, Formalize Vendor Risk Management to Reduce Business Disruption, Joanne Spencer, Luke Ellery, Edward Weinstein, 4 June 2021