Effective third-party risk programs require support from the business and integration into decision-making processes.

Understanding inherent and material risks of each third-party relationship is crucial.

Collaborative efforts between third-party risk teams and the business are necessary for profiling relationships and identifying material risks.

Prioritization of relationships and assessments is based on inherent and material risk ratings.

Technology is advancing third-party risk management, with platforms automating assessment processes.

AI tools are emerging to automate aspects of third-party risk assessment and management.

Smart platforms act as decision-support tools for risk evaluators.

AI systems aid in managing large numbers of assessments to support businesses' reliance on SaaS tools while ensuring data security and privacy.