October 4, 2022

Your 10 Points Guide on Third-Party Risk Management

Third-party risk management (TPRM) is a form of risk management that identifies and reduces risks related to third parties. Businesses collaborate with third parties to complete their operations efficiently, including vendors, suppliers, partners, contractors, or service providers. However, these external agencies may pose certain risks to businesses; therefore, risk management is essential. It exposes organizations to supply chain attacks, data breaches, and reputational damage. In simple terms, TRPM is the