2021 Trends: Third-Party GRC Management

The structure and reality of business today has changed. It is not the same as it was a few decades back. Brick-and-mortar walls do not define today’s business, nor is it defined by traditional employees. The modern organization is comprised of an interrelated structure of business relationships. The business’s ability to reliably achieve corporate objectives directly depends on the governance of third-party relationships and whether the organization can reliably achieve objectives in each relationship. The governance, risk management, and compliance of third-party relationships (third-party GRC) is in a state of growing maturity and evolution. The year 2020 has brought many third-party management lessons through the trials and tribulations worldwide, and as a result, 2021 is aiming for greater resiliency and integrity in third-party GRC.