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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