8 months ago

https://www.upguard.com/blog/third-party-risk-management is reviewing and mitigating risks associated with outsourcing business operations tohttps://www.upguard.com/blog/third-party-vendor or service providers. Risks are varied but includehttps://www.upguard.com/blog/cybersecurity-risk likehttps://www.upguard.com/blog/data-breach or reputational risks that affect business continuity.

NIST Third-Party Risk Management Frameworks

They provide two frameworks for TPRM: https://www.upguard.com/blog/nist-sp-800-161 Specifically focused on helping federal entities manage supply chain risks, but also useful for private sector organizations with complex supply chains and advancedhttps://www.upguard.com/blog/supply-chain-attack (SCRM) needs NIST Risk Management Framework (RMF) 800-37: A generalized risk management framework for all companies in all industry sectors to implement third-party risk management andhttps://www.upguard.com/blog/information-security management.

Building the TPRM framework includes: Identify the Risk Categories: List the various risk categories specific to your organization identified during the risk assessment phase (cybersecurity risks, compliance risks, financial risks, etc).