The Ultimate TPRM & Cyber Risk Glossary
When in doubt, use an acronym.
Whether you’re a seasoned healthcare CISO or you’re new to the industry and convinced people are just making up acronyms—this glossary has you covered. From standard industry frameworks to CORL-specific terms, it’s your Rosetta Stone for healthcare TPRM, cyber risk, and compliance.
Understanding Total Cost of Ownership (TCO)
Total cost of ownership (TCO) in third-party risk management refers to the full cost associated with managing a vendor relationship over its lifecycle. This total includes not only the initial setup price, but also the costs of ongoing risk assessments, compliance management, remediation efforts, and potential losses from breaches.
Understanding TCO allows organizations to make more informed decisions about the way they manage third-party risk by factoring in all potential risks and hidden costs. You can find out the total cost of ownership for your organization with our free ROI calculator.