Welcome to the Third Party Risk Association's new series, Third Party Risk Management 101. This series is based on our Third Party Risk Management Guidebook, a comprehensive guide to setting up a TPRM program that will be available to all TPRM professionals in the coming months . This series is intended to serve as a starting point for those looking to establish, validate and/or improve their Third Party Risk Management program. Each video walks through one of the six phases of the TPRM program lifecycle that together create a strong TPRM program.

But before we jump straight into the lifecycle, it is important that we first understand the basics of third-party risk management. This includes basic definitions, types of risk, how to calculate and assess risk, and finally the basics of managing the risk posed by your third-party providers. risk exposure.

/“TPRM 101: What is Third Party Risk Management/” is part 1 of this series.

_______Video content_______
00:00 Introduction
01:09 The basics of TPRM
01:43 Definition of Third Party Risk Management
04:06 Why TPRM is important
05:25 Potential risks in relationships with third parties
07:14 Types of risk
10:40 Assessing third-party risk
14:31 Conclusion

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