According to a 2019 vendor risk management study published by Protiviti and Shared Assessments, organizations want to give risky vendors the boot. However, the year-over-year data indicate organizations are having a hard time actually doing it.
The report, entitled “Vendor Risk Management Benchmark Study: Running Hard to Stay in Place,” provided insights from a survey conducted during the fourth quarter of 2018 and compared those findings to the previous year. Fifty-seven percent of respondents indicated that they are likely to exit high-risk relationships with their vendors; this is up 2% over the previous year.
Source: Protiviti Vendor Risk Management Study Published 2019
While the urgency appears to be building slowly, it’s difficult to translate this “likelihood” into action. Human nature and inertia work against organizations – they only move when they have to. Even then, additional factors impede the good intentions of those involved in the decision-making process:
Until there is a real impetus to move (such as new regulations or the occurrence of significant risk events), it will be business as usual for most organizations. The survey numbers may go up over time, but we all know talk is cheap and action costs money.
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