Differences between the TPRM & IRM & AUDIT

[Venky Kshatriy2]

What is the differences between the TPRM & IRM & Audit Explain in one example.

[richardtayl]

OK IRM is the entire umbrella suite which contains Policies, Regulations, Risks, Audit and TPRM.

Examples are:

Policy & Compliance has a regulatory content feed that imports ISO27001/2 to give security controls

Risk/ Advanced Risk links to a Control; if this control is breached, the Risk goes up and vice versa for passed.

Audit Mgmt will check the Controls and Risks status periodically via tests/interviews/walkthroughs etc and dictate remediation as appropriate via findings and observations.

Third Party Risk Mgmt would be checking these controls via assessments of third parties (suppliers, vendors, clients etc) carried out via a secure portal on the platform.

that help?

Please mark as helpful if so

Thanks

R

[Community Alums]

Hi @Venky Kshatriy2 ,

So let's try to understand hypothetically, IRM is the name of tree which has various branches called TPRM,policy and Compliance , Risk Management, Audit management,.

TPRM: Third-party Risk Management (TPRM) application enables you to proactively identify, assess, and mitigate risks that are associated with your third-party relationships. TPRM provides a centralized process for managing your portfolio of third parties, assessing and scoring risk, and performing remediation.

Audit : Audit Management application involves a set of activities related to planning audit engagements, executing engagements, and reporting findings to the audit committee and executive board. Engagement reporting assures key stakeholders that the organization's risk and compliance management strategy is effective.