BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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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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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: -Third-party management is the process whereby companies monitor and manage interactions with all external parties with which it has a relationship. This may include both contractual and non-contractual parties.
Detailed explanation-3: -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.