Third-party risk management (TPRM) isn’t a new concept, however, recent events have brought the discipline into the forefront like never before. Organizations in all industries rely on third parties, whether they be cloud service providers, suppliers, contractors, and other vendors.
Crucially, when the supply chain is interrupted, or third parties can’t deliver, there can be devastating and long-lasting impacts. In this ultimate guide, we’ll outline 10 essential steps that organizations can take to build a streamlined TPRM program, such as:
- – Defining Your Risk Appetite
- – Choosing Your Standard or Framework
- – Classifying Your Vendors
- – Conducting Assessments & Due Diligence
- – Generating Reports & Maintain Records for Compliance