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THE KYC DICTIONARY
Third Party Risk Management (TPRM)
Definition
Third-Party Risk Management (TPRM) is the process of identifying, assessing and mitigating risks associated with external entities that are business partners - including, but not limited to: vendors, suppliers, partners and service providers. It ensures that third parties comply with regulatory requirements, uphold security standards and do not expose the organization to financial, operational, reputational or compliance risks.
TPRM involves due diligence, continuous monitoring and risk assessments to manage threats like data breaches, fraud, corruption and supply chain disruptions. As regulatory scrutiny increases, businesses across industries are integrating automated Third Party Risk Management (TPRM) solutions to enhance oversight, improve decision-making and maintain compliance.
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Avallone’s Products and Services
Whatever your needs, our products and services work together seamlessly - enabling your team to confidently respond to KYC requests, collect information safely and securely from counterparties, maintain data accuracy and escalate concerns effectively.
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For regulated companies seeking proactive solutions to meet their compliance deadlines. Tap into remediation support to refresh and verify customer profiles quickly and accurately.
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