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Outsourcing business functions has become common and is the norm instead of the exception. From IT services to supply chain management firms, nearly every organization today relies on third-party providers to some extent. However, this convenience comes at a cost, as businesses are exposed to greater risk.

Third-party risk management should be prioritized for all financial organizations, from global giants to personal startups. As a business, you would do well to ensure third-party risk is on you

Today's businesses depend more than ever on outside partners, suppliers, and vendors to support their operations. Therefore, third-party risk management is a critical aspect of everyday business. However, these third-party agreements can pose various potential risks, including data leaks, regulatory violations, functional interruptions, and damaging reputations. Organizations must implement a robust third-party risk management approach to reduce these risks.

A company is guided by several crucial