Third-party Risk Management
Third-party Risk Management (TPRM) or Supplier Risk Management is the act of managing risk within the supplier base and associated supply chain. It is a core pillar of most procurement functions. The ability of an organization to manage the risks within their supply chain has a direct impact on their performance in the markets they participate within. Proactive risk management can allow preemptive identified risk mitigations that limit any affect on the organization’s operation.