2023 Financial Services Annual Global Supply Chain Survey

September 11, 2023
White Papers

Welcome to ”Invisible Threats – Resilience 2023: Financial Services” – The financial services edition of Interos’ third annual supply chain survey. This exclusive report is the only industry benchmark that provides an in-depth look into how financial institutions are being affected by — and responding to — multi-factor third-party risk. This report analyzes the responses of 150 global TPRM and supply chain leaders within the financial services and banking sector, and provides comparisons against our other surveyed industries (aerospace & defense, energy, healthcare, and government) to see how they stack up. This research was conducted with no mention of Interos to ensure unbiased results.

We hope these insights spark new ideas for how your financial organization can achieve resilience!

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Key Highlights

  • $37M Annual Savings: Our research reveals that better prevention and swift response to supply chain disruptions can save financial services organizations an average of $37M annually.
  • Sub-Tier Supplier Disruptions: An alarming 95% of financial services organizations lack awareness of sub-tier supplier disruptions for up to 48 hours, exposing them to significant brand and financial risks.
  • Expensive and Increasingly Frequent Disruptions: The average financial services organization lost $102M last year due to supply chain disruption – and the frequency of those disruptions is rising.
  • Supply Chain Risk Management Maturity: A mere 11% of third-party risk/procurement leaders within financial services have reached a stage of continuous risk preemption and resilience building.

Benefits from Reading Interos’ Annual Supply Chain Report

  • Understand New and Emerging Challenges: Our report highlights the contemporary and evolving challenges in the supply chain, from climate change and geopolitical turmoil to financial instability.
  • Uncover Blind Spots: Most financial services organizations assess only half of their critical third-parties/suppliers for vulnerabilities, leaving acute weaknesses in the supply base. Learn how you can identify and address these blind spots.
  • Compliance and Regulation Insight: 83% of procurement and third-party risk leaders within financial services are struggling to comply with emerging supply chain regulations. Learn which laws are sparking the most concern.
  • Know Where Your SCRM/TPRM Maturity Ranks: A majority of  third-party risk leaders still feel they have significant room to improve. Find out where you rank relative to the pack.

The lessons from our survey participant resonate with us all: “We assumed everything would work flawlessly, and now we know it doesn’t.” The era of assuming is over; seize the opportunity to redefine resilience and drive growth.

View the survey info-graphic here!

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Ensure Operational Resilience

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Build operational resiliency into your extended supply chain:

  • 889 compliance – ensure market access
  • Data sharing with 3rd parties and beyond – protect reputation
  • Concentration risk – ensure business continuity
  • Cyber breaches – assess potential exposure
  • Unethical labor – avoid reputational harm
  • On-boarding and monitoring suppliers – save time and money