Over half of organizations have faced a risk incident due to third-party failure during the COVID-19 pandemic

Published: Tuesday, 25 May 2021 07:14

A new survey by Deloitte into extended enterprise risk management (EERM) has found that more than half of (51 percent) of responding organizations have faced one or more third-party risk incidents whilst responding to the COVID-19 pandemic. 13 percent of incidents were considered ‘high impact’, severely compromising financial performance and profitability, customer service and, in some instances, put organizations in breach of regulations.

The survey received 1,170 responses, across 30 countries. The findings reflect the views of people accountable for third party risk management activities within their organization. Survey respondents came from a variety of organizations.

Other key findings include: