Risk management continues to dominate business conversations this year and with good reason.While risk is inherent in business, recent events revealed that many companies lacked the means to adequately manage third-party risk. Despite the digital transformation efforts companies have undertaken, many companies' obligations related to contractual, regulatory, financial reporting, and environmental requirements are still often managed manually. This creates informational silos that make it difficult for organizations to form a complete picture of potential risk and compliance exposures throughout their supply chains. As a result, companies lack the visibility to proactively manage these obligations and end up taking a reactive approach to identifying and addressing third-party risk. As industry and government regulation increases and pressure mounts to deliver quality goods at a competitive price, companies recognize the need to approach their risk management initiatives differently.