A Third-Party Risk Management Lifecycle for Cybersecurity | UpGuard

This article presents a six-phase Third-Party Risk Management (TPRM) lifecycle—due diligence, risk assessment and triage, contract negotiation and remediation, continuous monitoring, incident response and management, and secure offboarding—detailing key activities, stakeholders, tools, and example scenarios across finance, healthcare, and technology. It also explains how to align TPRM with major frameworks (NIST CSF, ISO 27001, SOC 2) and recommends practical integrations such as a centralized risk register, automated evidence collection, and shared dashboards to improve vendor security, compliance, and operational efficiency.