Third Party Risk Management

1. Third Party Risk Management focuses on identifying and reducing risks relating to the use of third parties. Third Party Risk Management (TPRM): Notes (1): enables organisations to monitor and assess the risk posed by third parties. Notes (2): identifies where the risk exceeds the TPRM threshold set by the business. Notes (3): requires organisation to build a business engagement model with supporting analytical processes to ensure it has visibility of all Third Parties supporting the organisation. Notes (4): ensures an effective governance model is in place to provide oversight of performance and risk across the entire supply chain. Notes (5): should implement risk assessments that include sub-contractor risks. Notes (6): Third party refers to as vendors, suppliers, partners, contractors, sub-contractors, or service providers.  Click to know more OR courses Related Term: Operational Resilience, Business Impact Analysis, Inter-dependencies BCM Institute's Professional Training and Certification BCMBoK Competency Level BCMBoK 0: BCM Fundamentals CL 1B: Foundation (BC) BCMBoK Competency Level BCMBoK 0: BCM Fundamentals CL 1C: Foundation (CM) BCMBoK Competency Level BCMBoK 0: BCM Fundamentals CL 1CC: Foundation (CC) BCMBoK Competency Level BCMBoK 0: BCM Fundamentals CL 1D: Foundation (DR) BCMBoK Competency Level BCMBoK 0: OR Fundamentals CL 1OR: Foundation (OR) (Source: Business Continuity Management Institute - BCM Institute)

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