While this alarming statistic will frighten most organizations, your organization can find peace of mind by developing a TPRM policy to guide and manage its overall TPRM program.ĭiscover how UpGuard empowers organizations to take control of their TPRM programs> How to Develop Your Organization’s Third-Party Risk Management Program Policy One report estimates that 98% of organizations worldwide have integrations with at least one third-party service provider that has experienced a breach in the last two years.
TPRM policies allow organizations to document internal roles and responsibilities, develop regulatory practices, and appropriately communicate guidelines to navigate third-party risks throughout the vendor lifecycle.įurthermore, a standardized TPRM policy is vital because it provides an organization with a roadmap to maintain healthy cybersecurity hygiene, even as it enters third-party relationships with new vendors and expands its supply chain. Any organization that relies on third-party vendors for critical business functions should develop and maintain an effective third-party risk management (TPRM) policy.Ī TPRM policy is the first document an organization should create when establishing its TPRM program.
