Definition ∞ Third-Party Risk Management is the systematic process of identifying, assessing, and mitigating potential risks associated with external vendors, suppliers, and service providers. This practice ensures that an organization’s reliance on third parties does not introduce unacceptable vulnerabilities. It involves continuous monitoring and due diligence.
Context ∞ Third-Party Risk Management is critically important for financial institutions and digital asset firms that increasingly rely on external technology providers, cloud services, and specialized crypto custodians. The interconnectedness of the digital economy means that a weakness in a third-party’s security or operational resilience can directly impact the primary organization. Robust frameworks are essential to protect client data, maintain operational continuity, and meet regulatory expectations in the evolving digital asset landscape.
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