Blog

Third party scorecards: Making an improved culture of collaboration a reality

Scorecards that measure the performance of suppliers and vendors that a company contracts with have been a business tool embraced by procurement for some time now.

However, there’s an evolution underway. Increasingly businesses are recognizing that a holistic third party scorecard that also embeds risk and compliance metrics, can not only help drive continuous improvements in vendor performance, but can also help reduce the risk that third party engagements may bring to the enterprise. What’s more, scorecards can also be leveraged as a collaborative tool to help raise the collective bar of the third party ecosystem – especially in areas such as IT security.  Operational risk, Information Security and Compliance are all now stepping up to the scorecard plate.

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Topics: risk and compliance, third party relationships, Data Security & Privacy, information security, reputational risk, regulatory risk, risk-scoring, third party risk, data privacy, performance scoring, organization risk, regulatory compliance

Five Top Trends in Cybersecurity Regulations

Cyber and information security is considered by some to be the biggest challenge organizations collectively face today. A recent study conducted by Juniper Research predicts the cost of data breaches to reach $2.1 trillion globally by 2019. These incidents – whether they are caused by criminals, foreign governments, or hacktivists – can be costly for organizations, distressing for consumers, and create the possibility of real systemic damage to whole industries; even nations. So, it’s hardly surprising that regulators and legislators around the world are moving into action.  

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Topics: third party risk management, Data Security & Privacy, GDPR, information security, cybersecurity, cybersecurity regulation, cyber-security, cyber risk, cyber regulation

Aravo and SecurityScorecard Partner to Improve Actionable Third Party Cybersecurity

We are delighted to announce the integration of the Aravo Enterprise platform with SecurityScorecard’s platform, to provide a fully integrated solution for enhanced third party cyber-risk management.

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Topics: third party risk management, Data Security & Privacy, cybersecurity, SecurityScorecard

Whetting the Appetite in Third Party Risk

A snapshot of the results of two new audience surveys suggests that the concept of “risk appetite” within the third-party risk management framework is still finding its feet. Attendees at a pair of June New York and London conferences, aimed at the financial services industry’s third party risk professionals, responded very similarly to three key questions.

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Topics: risk and compliance, Financial Services, third party risk management, compliance programs, risk management, governance, reputational risk, compliance risk, tprm, event, third party risk, EMEA, survey, risk appetite

Expert Series Podcast - Session 3 - Looking toward the future with GDPR & Third Party Risk – with consideration to privacy regulations in other countries

Session 3 of 3 (approx. 15 minutes)

I had the great pleasure to speak with Simon McDougall, GDPR expert and Managing Director at Promontory Financial about GDPR & Why Organizations Need To Be Thinking About Third Party Risk. Simon shared insights around GDPR best practices, possible blind-spots, and approaches for Board members, C-suite and middle-management.

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Topics: third party risk management, Data Security & Privacy, GDPR, General Data Protection Regulation, cybersecurity, data privacy, corporate regulation, podcast

Evaluating Third Party Risk and Performance

Best practice approaches to risk and performance scoring and automated workflow

As businesses have evolved and matured, so too has their approach to third parties. In the past, companies focused more on transactional ‘supplier’ relationships, typically for raw materials or ‘parts’. However, today third party relationships form a much deeper and far-reaching part of the strategic and operational ecosystem of any Global 2000 organization.

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Topics: risk and compliance, third party risk management, Global 2000, compliance risk, tprm, business complexity, scale, business change, business scale, white paper, third parties, risk-scoring, performance scoring, automated workflows, risk dashboard

Expert Series Podcast - Session 2 - A Deeper Dive into GDPR & Why Organizations Need To Be Thinking about Third Party Risk

Session 2 of 3 (approx. 15 minutes)

I had the great pleasure to speak with Simon McDougall, GDPR expert and Managing Director at Promontory Financial about GDPR & Why Organizations Need To Be Thinking About Third Party Risk. Simon shared insights around GDPR best practices, possible blind-spots, and approaches for Board members, C-suite and middle-management.

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Topics: third party risk management, Data Security & Privacy, GDPR, General Data Protection Regulation, cybersecurity, data privacy, corporate regulation

Board Reporting, Risk Scorecards, Cybersecurity and more – takeaways from CEFPROs Vendor and Third Party Risk USA Conference

Earlier this month, I attended and chaired at the Center for Financial Professional’s conference on Vendor and Third Party Risk USA in New York. The two-day event highlighted the complexity that third party risk managers face, with topics as far ranging as cyber-risk at fourth parties, to applying third party risk frameworks to intra-company organizations. The event also demonstrated that the discipline is having to evolve and mature fast in order to keep pace with the changing digital landscape as well as ongoing regulatory change. Here are my top takeaways from the event, which I hope you will find of interest.

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Topics: Anti-bribery & Anti-corruption, risk and compliance, Financial Services, third party risk management, Responsible Sourcing, compliance programs, business case, High Technology, risk management, governance, reputational risk, compliance risk, tprm, event, third party risk, EMEA

Expert Series Podcast - GDPR & Why Organizations Need To Be Thinking About Third Party Risk

Session 1 of 3 (approx. 18 minutes)

I had the great pleasure to speak with Simon McDougall, GDPR expert and Managing Director at Promontory Financial about GDPR & Why Organizations Need To Be Thinking About Third Party Risk. Simon shared insights around GDPR best practices, possible blind-spots, and approaches for Board members, C-suite and middle-management.

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Topics: third party risk management, Data Security & Privacy, GDPR, General Data Protection Regulation

CEFPRO's Vendor & Third Party Risk EMEA conference - Top 10 Key Takeaways for Third Party Risk

This week, I had the pleasure of chairing Day one of the Center for Financial Professional’s conference on Vendor and Third Party Risk EMEA. The conference brought together insights about the evolution of the discipline as well as some key best practices. Here are my top ten takeaways from the event that I would like to share.

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Topics: Anti-bribery & Anti-corruption, risk and compliance, Financial Services, third party risk management, Responsible Sourcing, compliance programs, business case, High Technology, risk management, governance, reputational risk, compliance risk, tprm, event, third party risk, EMEA