Third-Party Risks

Mitigating Risks in the Supply Chain: Best Practices for Vendor Risk Management As businesses continue to rely on third-party vendors to deliver critical services and products, the importance of effective Vendor Risk Management (VRM) cannot be overstated. According to a recent survey, 61% of organizations have experienced a vendor-related security incident, resulting in significant financial losses and reputational damage. In this blog post, we will explore the best practices for VRM, highlighting the essential steps organizations can take to mitigate risks in their supply chain. ...

Introduction In today’s interconnected world, organizations are increasingly relying on third-party vendors to manage various aspects of their business operations. This can include IT services, supply chain management, and financial transactions. While outsourcing can bring many benefits, such as cost savings and increased efficiency, it also introduces new risks that can have significant consequences. Third-Party Risk Management (TPRM) is a critical process that helps organizations mitigate these risks. However, like any other risk management strategy, TPRM has its limitations. In this blog post, we will explore the limitations of Third-Party Risk Management and discuss ways to overcome them. ...