TPRM - Third Party Risk Management

TPRM is the process of analyzing and controlling risks presented to an organization, its data, operations and finances by parties OTHER than the organization itself.

Technology platforms and business processes are applied to manage, monitor, and mitigate an organization's risks that are created by its interdependencies with third-party business partners (such as suppliers, vendors, cloud technology providers, etc.). TPRM represents one critical component of a comprehensive IRM (or GRC) program.