In response to:

2023 could be a pivotal year for the future of third-party risk management (TPRM) programs. Organizations arethird-party risk management recognizing the increased risks associated with their third parties, especially with the companies that their vendors choose to work with, known as Nth parties. As companies become more complex and cyber security becomes more difficult, sustainability considerations must go beyond the analysis of a business’ third parties and encompass the careful vetting of this tertiary layer of risk. ESG is becoming increasingly important in ensuring that the usage of third parties remains “a strength, not a weakness,” as mentioned in the article. As the number of third parties and Nth parties continues to increase, organizations will be forced not only to rethink their due diligence requirements, but also to approach the table with ESG strategies in hand.

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