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Third-party risk management involves identifying, assessing, and mitigating risks associated with external vendors and partners. Organizations implement effective strategies to evaluate the security, compliance, and operational reliability of these third parties. By fostering strong relationships and conducting regular audits, businesses can safeguard their operations against potential disruptions. Proactive management of third-party risks enhances overall resilience, ensuring that partnerships contribute positively to organizational goals while minimizing vulnerabilities and exposure to threats.
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