As the security landscape has evolved, organizations have opened themselves to more risk vectors than ever before — and that number will only continue to climb. Traditionally, the corporate vendor ecosystem — the community of third parties a company shares information with — is analyzed under the lens of third-party risk management (TPRM). More recently, the third-party risk community has seen a major shift to emphasizing the criticality of Ethics and ESG (environmental, social, and governance), pushing risk and security professionals to reconsider the way these implementations are managed.
As a result, a fundamental shift from Third-Party Risk Management to Third-Party Management (TPM) has begun.
Trust-First Third-Party Management (TPM) is the next evolution of third-party risk and a facet of overall enterprise trust strategy. It goes beyond cybersecurity and focuses on building trusted and lasting third-party relationships across the core critical risk domains: security, privacy, ethics & compliance, and ESG. Specifically, Third-Party Management (TPM) is a discipline of enterprise trust that focuses on the impact a third party has on an organization across each pillar.
Download the eBook to learn more about the shift to Third-Party Management and what it means for your business.