What role does TPRM play in protecting trade secrets across vendors?

Third-party risk management plays a crucial role in protecting trade secrets shared with vendors and ensuring intellectual property is not misused by assessing, monitoring, and mitigating risks associated with the involvement of external parties. By implementing robust third-party risk management practices, organizations can better control access to sensitive information, enforce confidentiality agreements, conduct due diligence on vendors, and establish clear guidelines for handling intellectual property. This helps minimize the chances of unauthorized disclosure or misuse of trade secrets while maintaining the integrity of proprietary information shared with vendors.