Today’s challenging business climate – with its growing uncertainty, greater complexity, and increasingly disruptive cyber threats – has been a wakeup call to improve third-party risk management (TPRM). For these reasons, organizations are looking for ways to improve their approach.

In practical terms, organizations are looking for a systematic and digital-first transition to a TPRM program that can catalog, classify and manage all third-party relationships across the organization. Such a solution would help to identify and mitigate risk throughout the lifecycle of your third-party relationships to protect the organization’s compliance, revenue, and reputation from risk.

In this guide, we’ll look at 7 best practices for making this scenario a reality.