Third party risk management (TPRM) is a structured approach to analyze and control risks arising to the organization from third parties. Mainly third parties are: Vendors Customers Joint ventures Counterparties Fourth Parties Third-party relationships can be a significant source of enterprise risk. The propagation of third-party partners, regulatory pressure, and the complexity of cyber-related risks has led companies to dedicate more time and attention to the potential risks by third parties. They enable companies to be flexible and competitive in a global business environment. These relationships often allow companies to delegate important tasks so that they can focus on their core competencies. With the benefits gained from third parties comes related risks that pose significant threats to a business, such as cyber breaches, business continuity challenges, or reputational damage.
Features of the Vendor Risk Software
The third party risk management software is packed with lots of features to truly make it an excellent resource for the risk management departments to manage vendor risk and third party risk.
Centralised automated solution offering management of all third party vendors under one roof
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For a free, no obligation demo, please send an email to email@example.com for more details on how we can help your company. For a small monthly subscription, you can sign up for the Vendor Risk Management software.