ProThird Party Risk Management (TPRM) is the process of analyzing and controlling risks presented to your company, your data, your operations and your finances by parties OTHER than your own company i.e your business partners or vendors.cess we follow:
Identify all types of vendors.
Analyzing the risk associated with respect to outsourcing with vendors / third parties /business partners.
Classify the vendors based on their risk exposure to the organization.
Create a effective vendor management framework.
Assess supplier contractual arrangements.
Identify all relevant compliance requirements and document how they are being met.
Conduct Onsite review of the vendors.
Report Gaps and Recommend remedial measures to close the gaps.
Regularly assess and monitor effectiveness of vendor program.