Third-party risk management: Best practices
With such a heavy reliance on third party vendors in today’s corporate landscape, it’s important for third parties to be just as buttoned up and conscientious as your organization is.
A third party may have a history of effective collaboration and strong relationships, but this isn’t enough to ensure you’re scot-free in terms of organizational risk – this is the essence of third-party risk management (TPRM).
Use this guide to understand:
- The building blocks of third-party risk management
- The importance of residual risk
- How to augment your team; and
- Steps to take for a more mature TPRM program