Risk assessments are key to managing third-party risk. They help organizations spot potential threats and decide how much oversight vendors need. By evaluating a vendor’s risks and controls (the safeguards and measures used to reduce or manage risk), risk assessments show which vendors pose the highest risk and what steps are needed to mitigate those risks.
Understanding inherent risk and residual risk is essential for making informed risk decisions. This eBook breaks down these key concepts and shows you how to assess them as part of your third-party risk evaluation process.
Download the eBook to learn:
- What is inherent and residual third-party risk
- How to measure inherent and residual third-party risk
- Categories of inherent risk
- How to mitigate inherent third-party risk
- Best practices for inherent and residual risk ratings
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