Trends Shaping Third-Party Risk Management
By Bill Fortwangler, Adjunct Faculty, Heinz College of Information Systems and Public Policy
Third-party risk management is no longer a once-a-year checklist. The landscape has changed, and the pace of risk is faster than ever. To be effective, leaders need to understand the trends reshaping how we oversee vendors and suppliers.
Real-Time Monitoring
Annual vendor attestations aren’t enough anymore. With today’s tools, you can track supplier performance and risks in real time. Automated feeds can alert you to cyber incidents, financial trouble, or even changes in a vendor’s reputation before it hits your business.
AI and Automation
Artificial intelligence is changing the game. From scanning financials to tracking compliance, AI can flag risks faster than any manual review. That means you’re no longer waiting months to discover a problem–you can act in days or even hours.
Expanding Risk Landscape
Regulatory requirements keep growing, and geopolitical instability adds new complications. Supply chains are more fragile, and vendor acquisitions can change licensing models or pricing overnight. You can’t afford to get comfortable–and you always need an exit strategy.
Final Thought
Third-party risk management has to be part of your business culture, not an afterthought. Real-time monitoring, AI, and proactive planning are no longer optional. If you’re not paying attention to these trends, you’re already behind.
Bill Fortwangler is Executive Vice President and Chief Information Officer at Dollar Bank and an adjunct professor in Carnegie Mellon University’s Chief Information and Digital Officer (CIDO) Certificate Program. With more than 30 years of IT leadership experience across financial services, manufacturing, and education, he is known for transforming legacy organizations into proactive, value-driven business partners. Recognized as CIO of the Year by the Pittsburgh Technology Council, Fortwangler brings a pragmatic, people-first approach to leading large-scale technology and culture change—expertise he now shares with CIDO participants preparing to elevate their own impact as digital leaders.
Learn from leaders like Bill Fortwangler in the Chief Information and Digital Officer (CIDO) Executive Education Program at Carnegie Mellon University’s Heinz College.