Third-party risk management involves identifying, assessing, and mitigating risks from suppliers and vendors through periodic assessments and data collection, often using external rating providers. This process helps organizations qualify and onboard third parties, creating status snapshots to ensure compliance with key requirements such as data security, cybersecurity, financial health, and regulatory standards. Sphera emphasizes that evolving this risk discipline beyond static snapshots toward continuous monitoring enhances visibility and control, enabling stronger, more proactive management of supplier-related risks.

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