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Third-Party Governance and Risk Management
Overcoming the threats and uncertainty
Welcome to our 2017 global survey on Extended Enterprise Risk Management (EERM). This second survey follow’s last year’s survey entitled “The threats are real” which revealed how large global organisations were addressing the key threats in managing third parties that form their extended enterprise.
This year’s report is based on 536 responses, a significant increase from 170 responses received last year, reflecting the views of senior leaders from a variety of organisations in 11 countries across the Americas, Europe, Middle East, Asia/Pacific, and particularly of relevance, increased participation from African respondents.
These responses were collected during a time of heightened uncertainty internationally, following both the Brexit vote in the UK and the US presidential elections, as well as challenging economical climates across the African continent as a result of declined or stagnated growth prospects.
As a result, the amount of progress made by organisations around this topic appears modest; however awareness of the risks have increased significantly, priming 2017 and 2018 as years for accelerated maturity on how organisations manage their third party risks.
Key report take outs:
- As reflected in our last survey, these respondents are typically responsible for governance and risk management of the extended enterprise within their organisations, including Chief Finance Officers, Heads of Procurement/Vendor management, Chief Risk Officers, Heads of Internal Audit and those leading the compliance and Information Technology (IT) Risk functions.
- Respondents represented all the major industry segments.
- The report covers a number of issues that span the management of the extended enterprise and related risks in a rapidly changing environment.
We hope this report will continue to enhance your understanding of what has changed and what lies ahead as you exploit the many opportunities that Third Party Governance and Risk Management (TPGRM) can create for your organisation.