COVID-19 Puts Third-Party Risk Management Under a Microscope
In times of crisis, it’s especially critical to know who critical suppliers are, to proactively monitor them for risk and ...
Tag: Third Party Risk Management
Third party risk management requires a commitment to an organization’s entire operational risk profile. It’s a challenge, since third party risks often occur in areas that have no “owner,” and are therefore easily overlooked. Consequences can be far-reaching for overlooking risks associated with third parties, including lost customers due to a third party’s poor-quality service, data breaches resulting from their poor security practices, or supply chain issues stemming from poor disaster recovery procedures. The significant jump in the use of third parties in business has compounded the risks associated with them and escalated potential consequences.
The following articles about third party risk management address various aspects, including third party due diligence and third party risk assessments.
Data Breach Costs and Attacks Continue to Increase in 2019
With the average cost of a data breach in 2019 as high as $3.9 million, it’s imperative for companies to ...
Recent Fines Illustrate the Importance of Third-Party Vendor HIPAA Compliance
Cowden Associates CEO Elliot Dinkin discusses the liability health care organizations assume when enlisting the services of a “business associate” ...
Due Diligence Best Practices to Support Your COVID-19 Recovery Efforts
How can compliance programs support their firm’s recovery from COVID-19? Kroll’s Daniel Hartnett suggests that due diligence best practices can ...
Risk Management in the Age of COVID-19
Fusion Risk Management’s Kim Hirsch has been advising clients on pandemic planning and business continuity management nonstop since the outbreak ...
ESG Screening Underscores Challenges in Third-Party Risk Management
Nearly half of compliance and procurement professionals find it difficult to identify environmental, social and governance within customer due diligence ...
Incorporating the OODA Loop
Stopping Problems Before They Start As third-party IT security/cyber risks become more prevalent, IT security professionals continue to look for more ...
How to Enhance Information Security Efforts
Evan Francen, CEO of FRSecure and Security Studio, makes the case for adopting a third-party information security risk management (TPISRM) ...
Ponemon on Third-Party IoT Risk: Companies Don’t Know What They Don’t Know
Third-Party Risk Factors Require More Board Level Attention on IoT Security Santa Fe, NM (May 7, 2019) – The Santa Fe ...
With Rising Regulatory Pressures, Risk Programs are Running Hard to Stay in Place
Santa Fe Group’s Gary Roboff and Protiviti’s Paul Kooney discuss today’s increasingly fraught risk environment. Among the findings from a ...
3 Potential Risks When Working with Third-Party Vendors
Vendors make the world go round, allowing organizations to efficiently outsource tasks, but they are a top source of breaches ...
5 Common Weaknesses in OFAC Sanctions Compliance Programs
If your business activities take place in the U.S., you need to be doing OFAC screening. Michael Volkov offers five ...
