Risk & compliance
What is third-party risk management (TPRM)?
Also known as: TPRM, Vendor risk management, Supplier risk management
Third-party risk management (TPRM) is the process of identifying, assessing, monitoring and reducing the risks that suppliers and service providers bring to an organisation, from cyber and data risks to operational and financial dependency.
NIS2 (supply chain security) and DORA (ICT third-party risk) make it a legal requirement for many organisations. Good TPRM ties each supplier to the business services and systems that depend on it, so its criticality, contract, breaches and exit plan are clear.
How Clateway helps
- Vendor and third-party risk management – Third-party risk management: vendor registry, risk scoring, breach history, adverse media monitoring, fourth parties, contract lifecycle and renewal alerts.
- IT vendor selection and software comparison – Compare technology vendors by category with reviews from technology leaders, features, strengths, weaknesses, alternatives and implementation partners.
- DORA compliance for financial entities – DORA compliance for financial entities: ICT risk management framework, register of information on ICT third parties, incident management and resilience testing evidence.