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Ed Thomas on third-party risk management at Procurement & Supply Chain LIVE New York 2024
enhancing brand reputation , ethical practices , labour standards and environmental stewardship .”
He emphasises that sustainable practices are no longer a “ nice-to-have ” but an essential part of business strategy : “ These positive impacts resonate globally , prompting management , investors and boards to question how organisations approach , implement and invest in these initiatives .”
By adopting such initiatives , companies not only improve their ethical standing but also position themselves for lasting success , making sustainability a key component of future growth and resilience .
Addressing the third-party risk vulnerability gap Third-Party Risk Management ( TPRM ) is more crucial than ever , yet many organisations are struggling to stay on top of it .
Ed Thomas , Senior Vice President at ProcessUnity , highlights some eye-opening stats : “ Today , more than 50 % of breaches originate from third parties , prompting executive teams and boards to scrutinise TPRM programs more closely . Alarmingly , 75 % of TPRM leaders are dissatisfied with their current processes . This frustration grows as third-party portfolios continue to expand , while resources for vetting risks remain stagnant .”
128 January 2025