BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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False
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True
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Either A or B
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None of the above
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Detailed explanation-1: -Third-Party Risk Management (TPRM) is the process of analyzing and minimizing risks associated with outsourcing to third-party vendors or service providers. There are many types of digital risks within the third-party risk category. These could include financial, environmental, reputational, and security risks.
Detailed explanation-2: -Managing third parties is more than a one-time assessment. It’s a relationship that must be managed throughout the third-party management (TPM) lifecycle, from screening, onboarding, assessment, risk mitigation, monitoring, and offboarding.
Detailed explanation-3: -TPRM is responsible for governance and oversight of Visa’s third party risk and is responsible for assessing the effectiveness of the controls in place to identify, monitor, and manage Visa’s third party risk throughout the third party’s lifecycle with Visa.