The Third-Party Risk Management (TPRM) Lifecycle is the end-to-end process organizations use to manage third parties, suppliers, and business partners in a structured and transparent way. It begins during vendor sourcing and selection, continues through onboarding, due diligence, and ongoing monitoring, and concludes with termination and offboarding. The TPRM lifecycle ensures that risks are identified, evaluated, managed, and tracked throughout the entire duration of the vendor relationship.
Also known as Vendor Risk Management Lifecycle.
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