Third-Party Risk Management (TPRM)
What problem does it target?
TPRM solutions address the risk of data breaches, compliance violations, and operational disruptions arising from vendors, suppliers, and other third parties with access to organizational data or systems.
What does this solution do?
TPRM platforms:
- Assess and monitor third-party security posture
- Automate risk assessments and due diligence
- Track remediation and compliance status
- Provide reporting for regulators and stakeholders
Who is this for?
- Risk, compliance, and procurement teams
- Organizations with extensive vendor ecosystems
- Enterprises in regulated industries
Who might not benefit from this?
- Small businesses with few or no third-party relationships
- Teams with manual or ad hoc vendor management
Pitfalls and remedies
| Pitfall | Remedy |
|---|---|
| Incomplete or outdated vendor data | Regularly update assessments and require attestations |
| Overwhelming number of vendors | Prioritize based on risk and criticality |
| Lack of integration with procurement | Choose TPRM with workflow automation |
Sample products
- OneTrust
- Prevalent
- BitSight TPRM
- RiskRecon
- ProcessUnity