And 11 percent don't even know how many third party vendors they work with, a recent study found.
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By Jeff Goldman | Posted February 19, 2016 According to the results of a recent NAVEX Global survey of 321 professionals involved in third-party management, fully 32 percent of respondents don't evaluate third parties at all before engaging with them, almost half of respondents have no dedicated budget for third party risk management, and 11 percent of respondents don't even know how many third parties they manage.
That's in spite of several recent high-profile data breaches resulting from security flaws at third-party vendors, including those at Target and Goodwill.
Survey respondents said their top three concerns about third parties include bribery and corruption (39 percent), fraud (23 percent), and conflicts of interest (19 percent).
Full Article
32 Percent of Companies Don't Evaluate Their Third Party Vendors
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