BENEFIT OF IMPLEMENTING A THIRD-PARTY RISK MANAGEMENT (TPRM) SOLUTION
Third-party risk management (TPRM) (also called vendor risk management or VRM) is the practice of evaluating and then mitigating the risks introduced by vendors (suppliers, third parties, or business partners) both before establishing a business relationship and during the business partnership.
Third-party risk management is important because failure to assess third-party risks exposes an organization to supply chain attacks, data breaches, and reputational damage.
Companies should no longer be asking why cybersecurity is important, but how can I ensure my organization’s cybersecurity practices are sufficient to comply with regulations and to protect my business against sophisticated cyber-attacks.
Reach out to Ladlas Prince for more information.