Making Third Party Risk Management Scalable, Efficient, Accurate, and Affordable

In prior articles we’ve explored why third-party risk management (TPRM) is an essential part of comprehensive risk management, and what steps need to be taken to assemble and execute an effective TPRM process. In this article, we’ll explore approaches to make those steps scalable and efficient without sacrificing quality, all while managing overall associated costs.[…]

The Six Basic Steps To Effective Third Party Risk Management (TPRM)

Managing third party risk is a primary component of any comprehensive risk management program. Without it, you ignore important external processes, resources, commitments and opportunities that may have specific, critical impacts upon your operating performance, regulatory and legal compliance, and brand reputation. In past discussions, we’ve explored what functions need to be performed to effectively[…]

Revisiting The Value In Risk Management—Why Bother Now?

There are so many challenges facing businesses today as we all focus upon sustaining demand, revenue, and operating infrastructure while confronting new paradigms for staff retention, safety, and service delivery. Technologies we may have just begun to touch like mobile device management, cloud-based infrastructure and remote, digital client services, may suddenly be existential realities needed[…]

Ransomware: An Existential Threat To Remote Organizations! What Actions To Take To Mitigate Risk

Ransomware is a category of malware that infects your systems, encrypts your files and data, then threatens to destroy or publish this confidential material unless a ransom is paid for the decryption keys, usually requiring electronic deposits to some anonymous account. It has been around for decades. It’s made the headlines when large corporations, municipalities,[…]

Managing Cyber Risk In A Remote Organization

Cyber risk is adaptive. As you reconfigure operations to function with much of your staff resources working remotely, your risk footprint, vulnerabilities, and threat vectors adjust too, and realign right along. So, the question becomes how adroitly will your defenses, detection capabilities, recovery, and remediation strategies address these risk opportunities? Cybersecurity employs numerous technical components.[…]

Is Your TPRM A Weak Link In Your Continuity and Cyber Risk Plans?

All too often when we think of business continuity planning, we think of detailed checklists and tabletop tests, and situations approaching disaster recovery scenarios. We think of key suppliers and residual power supplies, and more. America’s current novel coronavirus situation has many of us finding ourselves facing periods of varying lengths where we will be[…]

Third Party Risk Management (TPRM) Made Simple

Over the past several articles I’ve gone into some depth about TPRM; why it’s a critical part of managing cyber risk, how to integrate TPRM into your enterprise risk program, and the importance of assessment and governance to the overall effort. In doing so it’s possible this focus has created the impression that TPRM is[…]

Managing 3rd Party Assessment and Governance

Data provides no value if it doesn’t lead to decisive action to forward business goals or address customer problems successfully.  So, gathering endless amounts of it, as well as compiling or calculating limitless measures offers no guarantee of improved business results. In fact, it can often lead to confusion and clouded views of the key[…]

Integrating Vendor and 3rd Party Security into Your Risk Program

Considering vendor security as part of your own risk program is an accepted best practice. But what exactly does it mean to do so? How do you determine which vendors merit the most attention? What data do you need?  What roles should your legal, compliance, purchasing, IT, and operations resources play?  What access might they[…]

Why Vendor Management Is Critical To Cyber Risk and Security

Where We Were Diligence mattered, but was relatively straightforward. Not long ago the vendors, suppliers, and other 3rd parties your business engaged with were discreet, independent service or material providers of one sort or another.  You communicated by phone, fax, written correspondence or maybe email or EDI. For the most part data flows were simple.[…]

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