Third-party risk management (TPRM) is the process of identifying, assessing, and mitigating risks associated with external third parties. TPRM programs are driven by regulatory requirements, cybersecurity risk, competitive advantages, and internal efficiency. The TPRM lifecycle includes sourcing and selection, intake and onboarding, inherent risk scoring, internal controls assessment, external risk monitoring, SLA and performance management, and offboarding and termination.
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