Third-Party Risk Management (TPRM) Framework

Expert Guide: 20+ Pages of Advice for an Effective and Efficient Third-Party Risk Management Program

Third-party risk management frameworks provide organizations with a roadmap to build their TPRM programs based on industry-standard best practices. Popular frameworks such as the National Institute of Standards and Technology (NIST) and International Organization for Standardization (ISO) can be used as a foundation for building a TPRM program.

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What Is a Third-Party Risk Management Framework?

A third-party risk management framework is a set of guidelines an organization can use to classify and minimize risks from vendors, partners, contractors and suppliers. The TPRM framework also provides guidance on how to implement meaningful improvements to programs which allows organizations to effectively allocate resources for risk mitigation.