What are common challenges in implementing TPRM?

One of the most common challenges businesses face when implementing a third-party risk management program is the lack of visibility into the entire supply chain, which can make it difficult to assess and mitigate risks effectively. Another challenge is ensuring that third-party vendors comply with the required security standards and protocols. Businesses can overcome these challenges by conducting thorough due diligence on potential vendors, implementing a robust monitoring system, establishing clear communication channels, and regularly auditing and assessing third-party risks. Additionally, fostering strong relationships with vendors and creating mutual trust can help in addressing these challenges effectively.