As institutions increasingly rely on third-party vendors to support product and service delivery, effective risk management in the third-party ecosystem faces new and evolving challenges and heightened regulatory scrutiny. Organizations must nimbly coordinate a diverse group of stakeholders to maintain effective oversight of third parties, with a particular focus on those interacting directly with customers. This is no small feat. As the regulatory bodies in the United States refresh their third-party risk management guidance, now is the time for organizations to revisit their practices for managing and monitoring third-party risks.