The Rise of Third-Party Risk Management
The increasing complexity of global supply chains has led to a growing need for effective third-party risk management. As organizations expand their operations and partner with more vendors, the risk of non-compliance and data breaches grows exponentially.
The Benefits of Continuous Monitoring
Continuous monitoring is a critical component of a robust security posture. By regularly scanning for threats and vulnerabilities, organizations can identify potential weaknesses before they become major issues.
71% of organizations say they lack the necessary resources to implement effective TPRM.
The State of Third-Party Risk Management (TPRM)
A Growing Concern for Organizations
Third-party risk management (TPRM) has become a pressing concern for organizations in recent years. As companies increasingly rely on third-party vendors, suppliers, and contractors to conduct business, the risk of non-compliance and reputational damage grows exponentially. Despite the growing importance of TPRM, many organizations struggle to implement effective measures to mitigate these risks.
The Current State of TPRM
Only 9% of organizations have fully advanced TPRM capabilities, leaving the vast majority to navigate the complex landscape of third-party risk management. Fewer than half of companies continuously monitor their third parties, leaving them vulnerable to potential risks. This lack of oversight can have severe consequences, including non-compliance with regulatory requirements, reputational damage, and financial losses.
The Challenges of TPRM
Several challenges hinder the effective implementation of TPRM. 83% of organizations say current risk assessment methods are too complicated, making it difficult for companies to accurately identify and mitigate potential risks.
The industry is expected to see a significant increase in the adoption of AI-powered solutions to mitigate risks associated with these emerging technologies.
The Rise of Advanced TPRM: A New Era of Risk Management
The past two years have seen a significant shift in the way companies approach risk management, particularly in the realm of Third-Party Risk Management (TPRM). As the business landscape continues to evolve, organizations are recognizing the importance of investing in advanced TPRM solutions to stay ahead of the curve.
The Current State of TPRM
Most businesses have been allocating a relatively small percentage of their critical risk management budgets to TPRM. In fact, a staggering 10% or less of their budgets have been dedicated to this area.
With Liminal, businesses can make informed decisions, drive growth, and stay ahead of the competition.
What is Liminal? Liminal is a cutting-edge technology company that has revolutionized the way businesses approach market and competitive intelligence.
Ensure the transitional phrases and words are used to connect ideas and facilitate smooth reading flow.
Introduction
The concept of liminality, a term coined by anthropologist Arnold van Gennep, refers to a transitional phase or state of being in between two distinct phases or stages of life. This transitional phase is characterized by a sense of disorientation, confusion, and disconnection from the past and the future. In this article, we will delve into the concept of liminality, its significance, and its relevance in various aspects of human life.
The Origins of Liminality
Liminality has its roots in anthropology, where it was first introduced by Arnold van Gennep in his 1909 book “The Rites of Passage.” Van Gennep, a French anthropologist, studied the initiation rituals of various cultures and identified a common pattern among them.
