Third Party Risk Management
|1. Third Party Risk Management focuses on identifying and reducing risks relating to the use of third parties.
Notes (1): enables organisations to monitor and assess the risk posed by third parties.
Notes (2): identifies where the risk exceeds the TPRM threshold set by the business.
Notes (3): requires organisation to build a business engagement model with supporting analytical processes to ensure it has visibility of all Third Parties supporting the organisation.
Notes (4): ensures an effective governance model is in place to provide oversight of performance and risk across the entire supply chain.
Notes (5): should implement risk assessments that include sub-contractor risks.
Notes (6): Third party refers to as vendors, suppliers, partners, contractors, sub-contractors, or service providers.