A successful TPRM program extends way beyond the onboarding process. Organizations need to be invested in the whole TPRM lifecycle to properly manage risk.
While vendor risk management (VRM) and third-party risk management (TPRM) are sometimes used interchangeably, they aren’t the same thing.
Third parties help organizations better serve customers, grow revenues, and cut costs, but they can also cause serious damage if not properly managed.
Determining high-risk vendors is challenging, which is why it helps to have a solution that integrates with security assessment software.
When building a third-party risk management (TPRM) program, it’s critical to factor in the needs and expectations of your clients, both internal and external.