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Third-Party Risk Management (TPRM) is the process of identifying, assessing, and mitigating risks associated with third-party vendors. Effective TPRM is critical for businesses to anticipate, manage, and mitigate risks, maintain regulatory compliance, and build stronger relationships with vendors. Implementing best practices such as establishing a clear TPRM strategy, identifying and assessing risks, conducting regular due diligence, and implementing continuous monitoring and reporting is essential for the success of a TPRM program.
