Narrator: Working with third-party vendors is essential for getting business done today. Narrator: But allowing outsiders access to your systems and data increases your enterprises vulnerability and failures by supply chain partners could significantly disrupt your bottom line. Narrator: The financial, legal, and operational impacts can be severe. Narrator: As a result, third-party risk management or TPRM is now a critical ical daily function. Narrator: More than ever, risks can be multi-dimensional, going beyond simple buyer seller relationships. Narrator: By automating traditional due diligence, risk analysis, and reporting, TPRM provides a complete view of the risks arising from relationships with thirdparty vendors, suppliers, contractors, and other business partners. Narrator: A comprehensive TPRM program arms your organization to effectively identify and mitigate risks. Narrator: So, you can choose to partner with low-risk vendors, monitor potential risks on an ongoing basis, and have the insights to plan ahead rather than reacting as incidents occur. Narrator: But understanding the value of TPRM is only the first step. Narrator: To effectively execute a third party risk management program, you must bring together the right people, processes, and technologies. Narrator: Visit our website to find out how prevalent can help.
