Third-Party Risk Management

Third-Party Risk Management (TPRM) is the process of identifying, assessing, and mitigating the risks associated with engaging third-party vendors, suppliers, partners, or service providers. Organizations increasingly rely on third parties to deliver goods, services, or support critical business functions, which introduces potential security, compliance, and operational risks. TPRM aims to ensure that third parties adhere to security standards, protect sensitive data, and comply with regulatory requirements. Here's an overview of the key components and steps involved in Third-Party Risk Management

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Third-Party Risk Management

Professional

Third-party risk management is a professional service focused on identifying, assessing, and mitigating the risks associated with outsourcing business functions to external vendors, suppliers, or partners. This service involves evaluating the security practices, policies, and controls of third-party entities to ensure they meet the organization's standards and regulatory requirements. Professionals in this field conduct thorough assessments of third-party relationships, including vendor due diligence, contract reviews, and ongoing monitoring of vendor performance and security posture. The goal is to proactively identify and address potential vulnerabilities, data breaches, and compliance issues that may arise from third-party engagements, thereby minimizing the organization's exposure to risks and protecting its reputation and assets.
  • Consultation Plan 199 (CAD)
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