Establishing Accountability in Third Party Risk Management

This resource, Establishing Accountability in Third Party Risk Management (TPRM), provides a concise yet powerful framework for embedding accountability into TPRM programs. Built around the Three Lines of Defense model introduced by the Institute of Internal Auditors (IIA), the guide highlights how operational management, risk/compliance functions, and internal audit each play a distinct but interconnected role in protecting the organization from third-party risks.

It outlines:

• First Line (Operational Management): Frontline teams managing vendors and risks directly.

• Second Line (Risk Management & Compliance): Dedicated teams ensuring oversight, building policies, and supporting consistent risk management practices.

• Third Line (Internal Audit): Independent assurance to evaluate effectiveness, verify compliance, and recommend improvements.

The resource emphasizes that effective TPRM is not just about tools and processes, but about making accountability part of organizational culture. With clear responsibilities and a strong governance structure, TPRM professionals can drive transparency, reduce risk exposure, and enhance resilience.

This downloadable guide is designed for any TPRM practitioner seeking a quick-reference tool to strengthen accountability within their programs.