What is the primary function of Third-Party Risk Management (TPRM)?
Answer
Assessing and mitigating risks introduced by external vendors, suppliers, and partners.
Third-party risk management involves the critical function of assessing and mitigating various risks, such as cybersecurity threats or compliance failures, that are introduced into an organization by its external service providers and partners.
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Related Questions
What is the primary function of Third-Party Risk Management (TPRM)?When does the day-to-day process for a TPRM professional typically begin with a potential vendor?What aspect of TPRM work is cited as a major administrative headache?In sectors like finance or healthcare, what specific focus area often heavily weights the scope of the TPRM role?How does the regulatory environment serve as a major driver for TPRM demand?From an internal business perspective, what strategic value does TPRM provide?What skill combination is often required for a TPRM worker navigating day-to-day complexities?What threat to career continuity is specific to TPRM professionals employed by a third-party service provider?How is the integration of Artificial Intelligence and Machine Learning expected to affect the TPRM role in the future?What factor is causing the scope of TPRM to broaden beyond traditional IT and financial risk?