What is Third-Party Risk? | UpGuard

This document outlines third‑party risk management best practices, explaining how vendors and suppliers can introduce cybersecurity, operational, legal/compliance, reputational, financial, and strategic risks, and recommending concrete mitigation steps: keep an up‑to‑date vendor inventory (including fourth parties), establish vendor assessment and questionnaire processes, and implement a continuous, tiered TPRM program with regular reassessments and monitoring.