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Glossary › Risk Assessment
What is Risk Assessment?
Risk assessments measure the likelihood and impact of risks across security, privacy, operations, compliance, and financial domains. In TPRM, assessments determine vendor risk tiering, mitigation needs, and monitoring frequency.
FAQs
What triggers a risk assessment?
Onboarding, scope changes, incidents, or periodic reviews.
Do all vendors undergo risk assessments?
Yes, but depth varies by tier.
Is risk assessment qualitative or quantitative?
It can use either or both.
Responsible-AI TPRM Guide
Discover how risk teams apply AI responsibly to reduce third-party blind spots and stay audit-ready across global regulations.