TPRM Explained: Integrated TPRM Business Processes
- Third Party Risk Association (TPRA)
- Oct 31, 2022
- 1 min read
A question many Third Party Risk Management and vendor management professionals often find themselves asking is: how do we work in a cohesive, organized way to sufficiently mitigate third party risk while enabling the business to move forward with third party relationships?
This video provides insight into how to integrate TPRM into the rest of the business, including common goals & challenges, tips for improving process integration with business stakeholders, key aspects of governance needed to make integration work, and provides a TPRM lifecycle-based framework to enable better integration.
This video was made possible by Tom Rogers, CEO & Founder of VendorCentric, for his presentation at TPRA’s July 2022 Practitioner Member Meeting.
TPRM Explained is an educational series that focuses on topics related to third party risk management. Topics come directly from our end-of-year survey on the pain points our practitioners are experiencing within their own programs. Remember to like and subscribe!
This breakdown of integrating TPRM into core business processes is spot on—it's so much more effective when risk management becomes part of the workflow instead of a separate checklist. The same principle applies to physical assets. When you're managing critical third-party relationships and the equipment that comes with them, knowing exactly where those high-value items are is non-negotiable. That's why I'm a big advocate for using rfid asset tracking in these scenarios. It moves you from manual audits to automated, real-time visibility, ensuring that the tools and tech tied to your vendor partnerships are always accounted for and secure—a perfect complement to a mature TPRM program.