Third-Party Risk Management: Protecting Your Business Beyond Internal Boundaries

In today’s interconnected business environment, third-party vendors, suppliers, and partners play a critical role in daily operations—but they also introduce new risks. Third-party risk management (TPRM) is the practice of identifying, assessing, and mitigating risks associated with external entities that have access to your systems, data, or operations. Without proper oversight, these relationships can become weak points that expose your organization to data breaches, compliance violations, or reputational damage. Effective third-party risk management begins with a comprehensive due diligence process. Before onboarding a vendor, organizations must evaluate factors such as data security practices, regulatory compliance, financial stability, and overall risk posture. This initial assessment is only the beginning; continuous monitoring is essential to ensure that third-party vendors maintain compliance and performance standards throughout the business relationship. TPRM...