What is Third-Party Risk Management?

Third-party risk management (TPRM) is the process of identifying, assessing, and mitigating the risks associated with an organization's use of third-party vendors, suppliers, contractors, and service providers. These third parties can introduce various risks, including cybersecurity threats, data privacy concerns, financial risks, compliance issues, and reputational risks. TPRM aims to minimize these risks and ensure that third-party relationships do not compromise an organization's operations, security, or reputation.

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