MyComplianceOffice (MCO) and the Center for Financial Professionals recently released a study of third-party risk management practices in the banking, asset management and insurance industries that found a significant “lack of maturity in third party risk management” at many firms. The survey explores the maturity of risk management practices at the respondents’ firms and considers decision-making authority, budgeting, development of best practices and the drivers and objectives of risk management efforts. This article summarizes the key findings from the survey. For other recent insights from MCO, see “What the Record Number of 2016 SEC and FINRA Enforcement Actions Indicates About the Regulators’ Possible Enforcement Focus for 2017” (Dec. 15, 2016); and “Practical Guidance From Former SEC Examiners on Preparing for and Surviving SEC Examinations” (Sep. 1, 2016). For coverage of another risk management study, see “BNY Mellon Study Identifies Best Risk Management Practices for Hedge Fund Managers” (Sep. 27, 2012).