In today's interconnected business environment, financial organizations depend on third-party vendors, partners, and suppliers. The aim of third-party risk management is to boost efficiency, improve operations and broaden reach. Whereas these partnerships bring many benefits, they also detect an area of risk that can have the worst impact on our businesses, and this is where the regular monitoring of third-party risk becomes critical.
The term “third-party risk” is associated with the possible vu
