The June 2023 report highlights the growing need for operational maturity in third-party risk management as financial services firms face challenges of scale, complexity, and quality gaps in existing self-built tools, which 73% still rely on. Cybersecurity, operational resiliency, and regulatory compliance are top priorities, with cybersecurity risks expected to intensify over the next three years. Ninety percent of programs govern their most critical vendors through contractual and evidence-based requirements. Risk leadership is spread across functions, with leaders favoring pragmatic, incremental improvements over sweeping changes.

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