TPRM Meaning in Financial Services: Need for Vendor Risk Management
In today’s digital-driven financial landscape, financial institutions and FinTech companies rely heavily on third-party vendors to streamline operations, enhance customer experience, and drive innovation. However, with this reliance comes a critical concern — Third-Party Risk Management (TPRM). Understanding the TPRM meaning and its significance in the financial sector is essential for protecting businesses, customers, and regulatory compliance. Without a strong TPRM strategy, banks and FinTech firms expose themselves to cybersecurity threats, compliance risks, financial losses, and reputational damage.

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