Third Party Risk Management Interview Questions and Answer - TPRM

In this video, Faisal Nadeem shared 6 most important third party risk management interview questions and answers tprm interview questions and answers or third party risk assessment interview questions or third party interview questions and answers or vendor risk management interview questions and answers or vendor risk assessment interview questions answers completely explained by @Knowledge Topper with suitable examples.

Click the below Link to Watch Third Party Risk Management Short Course Video:
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1. What is Third-Party Risk Management, and why is it important?
Answer: Third-Party Risk Management involves identifying, assessing, monitoring, and mitigating risks posed by vendors, contractors, or partners. It’s essential because third parties can expose an organization to operational, financial, legal, and reputational risks especially in areas like data privacy, cybersecurity, and regulatory compliance.

2. What types of risks do you assess when onboarding a new third party?
Answer: I assess several categories of risk including cyber risk, compliance risk, financial stability, operational performance, data handling practices, and reputational history. I tailor the due diligence based on the criticality of the third party and the services they provide.

3. How do you conduct due diligence on third parties?
Answer: I start with a risk-tiering process based on the nature of the service and access to sensitive data. Then I collect documents like SOC reports, financials, certifications (e.g., ISO, PCI-DSS), and run background checks. I also assess their security controls and compliance policies, often using questionnaires and third-party intelligence tools."

4. How do you monitor third-party risks on an ongoing basis?
Answer: I implement periodic reviews based on risk level — quarterly for critical vendors and annually for low-risk ones. I track SLAs, performance metrics, security incidents, and regulatory changes. I also maintain communication with vendors to stay updated on any changes in their processes or control environments.

5. Describe a time you identified a serious risk with a vendor. How did you handle it?
Answer: In a past role, I discovered a vendor lacked an updated data protection policy despite handling PII. I escalated it, halted onboarding, and worked with the vendor to implement corrective measures. We didn’t proceed until all compliance gaps were closed. This prevented a potential data breach and ensured regulatory alignment.

6. Which tools or frameworks have you used in TPRM?
Answer: I’ve worked with platforms like Archer, OneTrust, and ProcessUnity for risk assessments and monitoring. I also apply frameworks like NIST, ISO 27001, and SIG questionnaires to assess controls. These tools help automate workflows and ensure consistent, auditable risk evaluations."

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