Companies Need To Develop Strategic Compliance Program Procedures to Control Third-Party Vendor Risks

Senior management in most organizations in varied market segments recognize they are becoming increasingly reliant on third-party vendors to support critical business functions, but with the providing access to a business’s internal networks comes cyber risks and data breach threats. It is estimated that more than 50% of businesses using third-party vendors have experienced a … Read more

The Essentials of Third-Party Vendor / Supplier Management Programs

Vendor Risk Management (VRM), Third-Party Risk Management (TPRM), and Supplier Risk Management (SRM) are programs that companies employ to assess their relationships with third parties or suppliers for potential risk. The most common types of risk a company will want to evaluate for are regulatory, operational, financial and reputational. The purpose and function of VRM, TPRM and SRM are similar: the core process is to identify, assess, monitor and mitigate risk. The slight variations between each program depend on your company’s … Read more

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