Third party risk management is on a journey. A journey that is being accelerated and guided by increased regulatory attention.
November 29, 2017 posted by Aravo
Topics: risk and compliance, third party relationships, Financial Services, reputational risk, regulatory risk, risk-scoring, third party risk, performance scoring, regulatory compliance, operational risk, supplier risk, third party supplier, Risk Management Framework, vendor risk, performance management program, enterprise risk, occ compliance
November 22, 2017 posted by Aravo
In a speech last week at the Cyber Security Summit and Expo 2017, Nausicaa Delfas, Chief Operating Officer at the FCA, called out cyber risk as one of the FCA’s top priorities and noted its close intersection with supplier risk, and third, fourth and fifth party risk.
November 17, 2017 posted by David Rusher
Shared Compliance Communities gather supplier/third-party responses to standardized assessments with the promise of increased efficiencies and improved data quality. This concept isn’t necessarily new – at least not outside the U.S. - but there has been some recent development in terms of interest in the model.
October 06, 2017 posted by Aravo
With the strategic importance of engaging third parties in today's business landscape, coupled with the level of risk that they can bring to the enterprise, it should not be surprising that third party risk management is attracting greater focus from the C-suite and the Board of Directors.
According to the Institute of Collaborative Working, up to 80% of direct and indirect operating costs of a business can come from third parties, while up to 100% of revenue can come from alliance partners, franchisees and sales agents.
September 18, 2017 posted by Aravo
At the moment, the international approach to enforcement around bribery and corruption can seem uneven, at best and perhaps lax, at worst.
September 05, 2017 posted by Aravo
As the Internet of Things (IoT) evolves, it will offer organizations the opportunity to create an unprecedented range of potential products and services. By embedding the internet into computer systems inside of cars, appliances, and other physical things, manufacturers will be able to offer new functionality as well as additional services. Smart homes and intelligent cars are already on the consumer market in many countries. Applications for this technology in a business-to-business environment are equally promising.
Topics: third party risk management, Data Security & Privacy, GDPR, information security, cybersecurity, cybersecurity regulation, cyber-security, cyber risk, cyber regulation, internet of things, IoT
August 16, 2017 posted by Aravo
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.
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
August 02, 2017 posted by Aravo
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.
July 26, 2017 posted by Aravo
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.
July 25, 2017 posted by Aravo
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.
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