What is the role of continuous monitoring in TPRM?

Continuous monitoring is important in third-party risk management because it allows organizations to gain real-time insights into the activities of their third-party partners. By continuously monitoring third parties, organizations can proactively identify and mitigate potential risks, such as security breaches, data leaks, compliance failures, and unethical practices. This ongoing oversight helps organizations detect emerging risks or compliance failures early on, allowing them to take appropriate actions to address these issues before they escalate and cause significant harm. Through continuous monitoring, organizations can maintain a higher level of control and oversight over their third-party relationships, ultimately enhancing their overall risk management practices.