Many organizations have improved their vendor risk management programs. But they still have a long way to go in optimizing these efforts, according to the annual Vendor Risk Management Benchmark Study released by the Shared Assessments Program, a collaborative consortium, and Protiviti, a global consulting firm.

The study found that organizations across all industries, and in particular financial services, are increasing their focus on managing vendor and third-party risks. The maturity levels associated with different vendor risk management program areas have improved noticeably, the report said, yet awareness levels and compliance measures aren't where they need to be.

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