Welcome to the Third Party Risk Association’s new series, Third Party Risk Management 101. This series is informed by our Third Party Risk Management Guidebook, a comprehensive guide for establishing a TPRM program, which will be available to all TPRM professionals in the coming months. This series is meant to be used as a starting point for those that wish to establish, validate, and/or enhance their Third Party Risk Management Program. Each video will walk through one of the six phases of the TPRM Program Life Cycle, which together create a strong TPRM program.
But before jumping right into the Life Cycle, it is important we first understand the foundations of third party risk management, including basic definitions, risk types, calculating and evaluating risk, and finally, the basics of addressing risk exposure created by your third parties.
"TPRM 101: What is Third Party Risk Management" is Part 1 of this series.
_______Video Contents_______
00:00 Introduction
01:09 The Foundations of TPRM
01:43 Defining Third Party Risk Management
04:06 Why TPRM Is Important
05:25 Potential Risks with Third Party Relationships
07:14 Risk Types
10:40 The Evaluation of Third Party Risk
14:31 Conclusion
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