Third Party Risk Association (TPRA) - Third Party Risk Management’s Post

Jason Busch Well, with respect to your question around X-risk in the comments, the definition of X-risk is whatever the Vendor Marketer's PR Person wants it to be, of course. While there are no standard definitions, multiple parties that claim: * "supply risk" tend to focus on the risks associated with production and delivery between the organization, it's customer, and the tier 1 supplier * "supply chain risk" tend to focus on risks through n tiers of the supply chain around production and delivery, which may or may not include supplier financial/operating risk * "supplier risk" focuses specifically on risks related to the supplier - finances/liquidity to operate, regulatory/certification, labour, and brand * "third party" is like supplier risk, but extended to include not just tier 1 product suppliers but service providers and partners (i.e. implementation consultants and integration partners in IT, localized installation services in utilities, etc. ... and you can't even do a true apples-to-apples comparison between the Supplier Uncertainty Management vendors (as SRM is Relationship, not Risk; and their definitions of risk are sometimes so wildly dissimilar, there's just Uncertainty all around) ... but, of course, all of these depend on how "risk" is defined, and that's the Billion Dollar Definition! Right now, they all muddy each others' waters ...

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