User:Mitchmik1/Third party risk management

Third Party Risk Management refers to a common scenario in many industries whereby one organization will outsource certain operational functions to a third party. Third Party Risk Management refers to the application of risk management principles to manage these relationships.

Financial institutions often rely upon third parties to perform a wide variety of services and other activities

a common occurrence in which a business or other entity enters into a relationship with a third party to outsource certain operational functions to a third party or by using a third party to make products and services available that the primary business or other entir does not originate