TPRM

The Dawn of Third-Party Risk Management Third-Party Risk Management (TPRM) has come a long way since its inception. The concept of managing risks associated with third-party vendors, suppliers, and partners is not new, but the formalized approach to TPRM has evolved significantly over the years. In this blog post, we will delve into the development history of TPRM, highlighting key milestones, and statistics that demonstrate its growing importance. Early Days: The 1990s and the Emergence of TPRM The 1990s saw the beginning of TPRM, primarily driven by the need to manage risks associated with outsourcing and globalization. As companies started to outsource non-core functions to third-party vendors, the need to manage risks related to these relationships became apparent. According to a study by the International Association of Outsourcing Professionals (IAOP), the global outsourcing market grew from $12.5 billion in 1990 to $104.4 billion in 2000, highlighting the rapid growth of third-party relationships. ...

Introduction In today’s interconnected business landscape, organizations rely heavily on third-party vendors, suppliers, and service providers to drive growth, innovation, and efficiency. However, this increased reliance on external partners also introduces new risks, threats, and vulnerabilities that can compromise an organization’s security, reputation, and bottom line. According to a report by Gartner, 60% of organizations have experienced a vendor-caused data breach, resulting in significant financial losses and reputational damage. This is where Third-Party Risk Management (TPRM) comes into play. In this blog post, we’ll delve into the world of TPRM and explore its application scenarios in real-world settings. ...

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. ...