Includes activities such as conducting due diligence, monitoring relationships, and assessing risk. This is an important step in the TPRM process as it helps organizations identify potential risks associated with third-party vendors and develop strategies to mitigate them.
The assessments stage should include a comprehensive review of a vendor's policies, procedures, and processes to ensure they meet the organization's standards for security and compliance. Organizations should also consider factors such as the vendor's financial stability, customer service record, and any other relevant information that could affect their decision to partner with them.