Third party risk management (TPRM) is a relatively new discipline for many financial services firms and so it’s no surprise that organizations are still navigating their way. As firms establish their third party risk programs, there’s many common pitfalls that they can fall into. Knowing about these helps you avoid them, so Aravo recently spent some time with third party management expert, John Bree, to expose some of the more common missteps that he has seen organizations make when it comes to setting up, or enhancing, a TPRM program.
January 15, 2018 posted by Aravo
Topics: third party risk management, board of directors, board accountability, benchmarking, governance, third party governance, tprm, Financial Services, risk assessment, third party supplier, supplier risk, vendor risk
November 29, 2017 posted by Aravo
Third party risk management is on a journey. A journey that is being accelerated and guided by increased regulatory attention.
Topics: operational risk, third party risk, risk-scoring, enterprise risk, performance scoring, third party relationships, reputational risk, regulatory risk, regulatory compliance, risk and compliance, supplier risk, Financial Services, vendor risk, occ compliance, Risk Management Framework, performance management program, third party supplier
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: cybersecurity, Data Security & Privacy, information security, cyber-security, GDPR, cyber risk, third party risk management, cyber regulation, cybersecurity 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: third party risk, risk-scoring, performance scoring, third party relationships, reputational risk, organization risk, regulatory risk, regulatory compliance, data privacy, Data Security & Privacy, information security, risk and 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.