Disruptive events, have impacted almost every business and their third parties – no matter the size, location, or industry. While third-party risk isn’t a new concept, upticks in breaches across industries and a greater reliance on outsourcing have brought the discipline into the forefront like never before. Why is Third-Party Risk Management Important? However, TPRM is often thought of as the overarching discipline that encompasses all types of third parties and all types of risks. While exact definitions may vary, the term “third-party risk management” is sometimes used interchangeably with other common industry terms, such as vendor risk management (VRM), vendor management, supplier risk management, or supply chain risk management. Still, many TPRM best practices are universal and applicable to every business or organization. The scope and requirements of a TPRM program are dependent on the organization and can vary widely depending on industry, regulatory guidance, and other factors. The discipline is designed to give organizations an understanding of the third parties they use, how they use them, and what safeguards their third parties have in place. Third-party risk management (TPRM) is a form of risk management that focuses on identifying and reducing risks relating to the use of third parties (sometimes referred to as vendors, suppliers, partners, contractors, or service providers). Calculate Scope 3 emissions and build a more sustainable supply chain.Simplify ESG reporting and create transparency.
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Reduce, offset, and understand the full picture of your emissions.Build an inclusive organization and develop trust.Operationalize your values by streamlining ethics and compliance management.Automate the third-party lifecycle and easily track risk across vendors.Scale your IT risk management programs.
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Improve your data quality and simplify business decision-making.Enable privacy by design with a comprehensive privacy management platform.Learn more about the ESG and Sustainability Cloud.Supplier Sustainability & Responsibility.Learn more about the Ethics and Compliance Cloud.Third-Party Due Diligence Third-Party Due Diligence Learn more about the GRC and Security Assurance Cloud.Learn more about the Privacy and Data Governance Cloud.
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