June 13, 2023 –  For most financial services firms, third-party risk management has become severely challenged by issues of scale and complexity. In addition, risk leaders indicate current solutions have quality gaps and are inefficient for their teams to operate. These combined challenges highlight the need for vendor risk solutions with greater automation and operational maturity.

This report provides key insights for executives and leaders responsible for third-party risk at their financial services firm, highlighting top pain points, most-needed improvements, dimensions of risks, and trending aspects. It is based on Aite-Novarica Group interviews of 34 third-party risk leaders of financial institutions, processors, and merchants in North America and Europe.

Clients of Aite-Novarica Group’s Cybersecurity service can download this report.

This report mentions Mastercard.