Third-party risk management (TPRM) involves a wide range of activities, tasks, and stakeholders to identify, assess, mitigate, and monitor the risks associated with third-party relationships. This includes conducting risk assessments, due diligence, reviewing third-party documentation , contract reviews, monitoring, and periodically re-evaluating the relationship. Many organizations have turned to third-party risk management software platforms to help organize and streamline the workload. While these platforms can offer invaluable resources and features, selecting the right one for your organization can be challenging.