BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Third Party Risk Management is the process of assessing and controlling reputational, financial and legal risks in relation to 5 Critical Legal Areas imposed by parties outside our organisation.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Third party risk management enables organizations to monitor and assess the risk posed by third parties to identify where it exceeds the threshold set by the business. This allows organizations to make risk-informed decisions and reduce the risk posed by vendors to an acceptable level.
Detailed explanation-2: -What is a third party risk assessment? A third party risk assessment is a due diligence review of a vendor to provide an understanding of their practices. It is a process that can assess potential third party risk and identify vulnerabilities.
Detailed explanation-3: -Third-party risk management (TPRM) entails the assessment and control of risks resulting from doing business with third-party vendors.
There is 1 question to complete.