Complexity and poor visibility are getting costlier.
Outsourcing, acquisitions, joint ventures, and a growing list of sub-tier suppliers has created a complicated financial services supply chain—and outdated Third Party Risk Management (TPRM) tools can’t find and mitigate the growing number of threats.
Supplier visibility drops to 51% at the third and fourth tier, and dips to 28% and 24% at the next two levels down.
Supply chain disruptions cost financial services organizations $164M per year on average.
84% suffered reputational damage as a result of supply chain problems.