Banks and financial firms have long been aware of the need to manage risk in third-party partners, and most have a formal program for managing that risk. Yet an existing thirdparty risk management (3PRM) program may not address today’s increased levels of outsourcing and new regulatory requirements for cybersecurity. Together, these factors are prompting many financial institutions to take a fresh look at the strengths and focus of their 3PRM strategy and programs.
Sponsor: Bitsight
