Did you know that a lack of highly skilled talent has caused many companies to outsource services to external partners? Third parties may provide credit card services, Web and electronic mail services, cloud services, drone surveillance, process healthcare data, develop communications, and much more. Companies in every industry need a Third-Party Risk Management (TPRM) plan to reduce the likelihood of data breach costs, minimize regulatory fines for non-compliance, and audit unknown risks previously overlooked.
Who are third parties?
Vendors * Sub-contractors * Partners
Businesses of all sizes need a Third-Party Risk Management assessment that takes a second look at outside vendors. An effective TPRM involves a combination of oversight and review of external partners and implementation of robust internal controls and processes. Given the risk exposure and costs involved, TPRM can be the single most cost-effective risk management program that a company can implement.