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A digital path to third-party ecosystem oversight
Extended enterprise risk management survey 2021
Deloitte’s 2021 extended enterprise risk management survey—which explores the expanding network of third-party relationships—revealed that, despite the disruption, many organizations gained ground in adopting new technologies and digital ways of managing third parties. With the pandemic further exacerbating organizations’ reliance on external resources, third-party networks have grown into broad ecosystems, bringing about a new breed of risks to navigate.
Third-party ecosystem management is no longer a nice-to-have. As third parties play an increasingly significant role in many organizations, this extension of the enterprise exposes organizations to new risks that pose serious threats to brand, reputation, stakeholder and consumer trust, and financial viability. And leadership and board members are beginning to take note.
Deloitte’s latest research shows that while the pandemic led many organizations to make advancements in their approach to third-party risk management (TPRM), COVID-19 was a wake-up call. Many organizations are seeking ways to increase maturity and optimization of TPRM programs—leveraging digital technologies and risk intelligence—and have been forced to reevaluate core business functions, like supply chains.
Key findings from the 2021 global survey, which included over 1,100 respondents from 30 countries, are:
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