The need for TPRM
Before we start learning about TPRM, I think we should talk a bit about why these third parties are required in the first place and what specific purpose they serve for the contracting organization.
Third-party outsourcing is a form of delegating services to another party, such as day-to-day operations, software services, storage, compute, networking, and more, so that the enterprise can focus on its most essential services while delegating the services that can be performed by another organization.
The relationship between the enterprise and the third party is defined in a legally binding contract. The contract includes the set of provisions that the enterprise and hence the outsourcing organization needs to adhere to, such as data storage, compliance with local laws and regulations, jurisdiction in case of disagreements, indemnification clauses, payment terms, service-level agreements (SLAs), and security and privacy requirements that the third party needs...
