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.
Financial entities must immediately update third-party risk management frameworks to comply with DORA's heightened oversight for designated critical ICT providers.
We use cookies to personalize content and marketing, and to analyze our traffic. This helps us maintain the quality of our free resources. manage your preferences below.
Detailed Cookie Preferences
This helps support our free resources through personalized marketing efforts and promotions.
Analytics cookies help us understand how visitors interact with our website, improving user experience and website performance.
Personalization cookies enable us to customize the content and features of our site based on your interactions, offering a more tailored experience.
