8 months ago

Whenever an organization outsources part of its business process to an outside party, it introduces various risks to the primary organization.https://www.upguard.com/blog/third-party-risk-management refers to how organizations address and mitigatehttps://www.upguard.com/blog/cybersecurity-risk across their entire library of vendors and suppliers. Unfortunately, third-party risk exposure can be difficult to manage and comes with many challenges organizations must address for anhttps://www.upguard.com/blog/effective-tprm-programs.

Below are the top five challenges organizations face in the third-party risk management process.

To help alleviate this challenge, identify a third-party risk management program that can handle a large number of vendors and keep them organized from onboarding to exit.https://www.upguard.com/product/vendorrisk/features TPRM platform features a vendor library that helps organizations find, track, and monitor the security posture of their third parties.

Compliance across third parties can be complex and introduces another significant challenge in third-party risk management processes.