8 Key Elements of a Third-Party Risk Management Policy
Any organization that relies on third-party vendors for critical business functions should develop and maintain an effective third-party risk management (TPRM) policy. A TPRM policy is the first document an organization should create when establishing its TPRM program. TPRM policies allow organizations to document internal roles and responsibilities, develop regulatory practices, and appropriately communicate guidelines to navigate third-party risks throughout the vendor lifecycle.