Tag: contract management

Understanding the Landscape of Third-Party Risk

Third-party risk management (TPRM) isn’t just a buzzword; it’s a critical aspect of modern business. We rely on external vendors, contractors, and suppliers for everything from IT services to manufacturing components. Each of these relationships introduces potential risks to your organization, ranging from financial losses and reputational damage to regulatory fines and security breaches. Effectively managing these risks is no longer optional; it’s essential for survival.

Identifying Your Third Parties and Associated Risks

Before you can manage risk, you need to know where it lies. Start by creating a comprehensive inventory of all your