What is Third-Party Risk Management?

Third-Party Risk Management (TPRM) is the process of analyzing and minimizing risks associated with outsourcing to third-party vendors or service providers. There are many types of third-party risks, including financial, environmental, reputational, and cybersecurity risks. Because third-party relationships are vital to business operations, TPRM is an essential component of all Cybersecurity programs.

Read this guide to learn:

• What is a third-party?
• Why is TPRM important?
• What does TPRM entail?
• What is a Vendor Risk Management Policy?
• How to evaluate third-parties
• What are the common challenges of TPRM?
• What should I look for in a TPRM software solution?