Troubleshooting Third-Party Risk Management: A Comprehensive Guide
Introduction In today’s interconnected business landscape, organizations rely heavily on third-party vendors to deliver goods and services, manage operations, and drive innovation. However, this increased reliance on third-party vendors also brings significant risks, including data breaches, reputational damage, and regulatory non-compliance. Effective Third-Party Risk Management (TPRM) is crucial to mitigate these risks and ensure the continuity of business operations. According to a report by Deloitte, 61% of organizations have experienced a third-party breach in the past year, resulting in an average loss of $10 million per incident. Moreover, a study by Forrester found that 70% of organizations consider third-party risk management a high or critical priority. ...