How to Manage Third-Party Risk

Your organization relies on a vast network of third-party vendors to help your operations run more effectively. But working with these third parties can pose risks and consequences. Think operational disruptions, reputational damage, and increased exposure to data breaches and cyberattacks.
It's essential to manage third party risks to protect your organization and its customers. While you can't eliminate all the risks, you can reduce them by following the steps of the third-party risk management lifecycle, which has three stages: onboarding, ongoing, and offboarding.