TPRM Overview

An introduction to Third-Party Risk Management, emphasizing the importance of a robust TPRM program in protecting organizational assets and data in a network of interconnected third-party relationships.

Overlooking Continuous Monitoring

Discussing the risks associated with failing to continuously monitor third-party vendors and providing strategies to implement effective ongoing oversight mechanisms.

Insufficient Due Diligence

Highlighting the consequences of inadequate due diligence in the vetting process and offering solutions to enhance the initial assessment of third-party vendors.

Underestimating Inside Threats

Exploring how underestimating the potential for insider threats from third-party vendors can compromise security and suggesting measures to mitigate such risks.

Neglecting Contractual Agreements

Outlining the dangers of overlooking detailed contractual agreements that specify security requirements and remedies for non-compliance.

Failure to Classify Third Parties

Addressing the mistake of not categorizing third parties based on their risk level and access to sensitive information, and how to effectively segment and manage different types of third-party relationships.

Ignoring Regulatory Compliance

Discussing the repercussions of failing to ensure that third-party vendors comply with relevant regulatory standards and how to uphold compliance across all third-party engagements.

TPRM Best Practices

Summarizing best practices in Third-Party Risk Management to avoid common pitfalls, including establishing a comprehensive TPRM framework, regular reviews, and fostering a culture of compliance and transparency.

For more detailed guidance on avoiding TPRM mistakes, visit third-party risk management.