TPRM 101: Contract Review

The third video in TPRA’s TPRM 101 series covers the Contract Review phase—an essential part of the third-party risk lifecycle that ensures business expectations are clearly defined, legally enforceable, and aligned with risk and compliance requirements.

Key focus areas include:

• Identifying which contract clauses support TPRM controls

• Ensuring enforceability of risk and performance requirements

• Aligning terms with legal, regulatory, and operational obligations

• Collaboration between procurement, legal, and risk stakeholders

• Documenting rights related to audits, data use, termination, and reporting