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This chapter provides a comprehensive exploration of risk management in the context of IT sourcing. It meticulously dissects the crucial role of third-party risk assessments and the steps required, from the identification of potential risks to the integration of risk assessments into vendor selection. The chapter further delves into managing these risks throughout the relationship, emphasizing continuous risk management practices. Lastly, it advocates for the significance of adaptability and agility in the face of evolving IT sourcing landscape, underscoring the need for regular reviews, collaboration, and implementation of industry best practices. If you’re aiming to understand how to safeguard your IT investments and ensure long-term success, this detailed chapter is your go-to resource.