Proactive third-party risk management: A governance-based strategy
No organization is an isolated entity. It is part of an extended enterprise of suppliers,
vendors, service providers and other third parties. This complex web of relationships drives efficiency and innovation, but it also introduces significant risk and resilience challenges. Ensuring the reliability, integrity, compliance and resilience of third-party relationships is no longer a best practice, it is a business imperative.
Third-party risk management (TPRM) extends beyond traditional procurement and vendor assessments. It encompasses a holistic approach that integrates governance, risk management and compliance (GRC) across the entire lifecycle of third-party relationships, spanning onboarding, ongoing monitoring and offboarding.
In this context, this means organizations must . . .
[The rest of this blog can be read on the IBM blog, where GRC 20/20’s Michael Rasmussen is a Guest Blogger]