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The aim of this paper is to examine how TPRM relates to the broader operational resilience landscape and to identify important distinctions between risk management and resilience, which should be accounted for in relevant policymaking.Core to this relationship are the notions that TPRM is an integral part of overall operational risk management, and the good management of third-party risks contributes to the ultimate outcome of operational resilience.
The insights and recommendations presented here aim to facilitate more effective dialogue between industry participants and regulatory authorities while supporting the development of more coherent, consistent, and practical regulatory frameworks.