Blog

Getting the Risk Data Right – TPRM’s Biggest Challenge

In third party risk, issues around data – data security and data privacy - often hold center court. In the wake of the recent onslaught of cyber attacks and data breaches, as well as the enhanced and new regulatory efforts to contain them, third party risk managers can often find themselves spending a lot of time talking about data.

But are they focusing on one aspect of the businesses’ data, at the expense of improving their own? Today, third party risk management (TPRM) executives are being asked to help shape their corporate data strategies, while their approach to their own risk data can be painfully out-of-date.

Two recent surveys show that while vendor risk issues may be a high priority for organizations’ finance teams, the way data is used within the risk management discipline falls considerably behind how other parts of the business may be using data to help deliver on the firm’s strategic goals.

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Topics: third party risk management, third party governance, tprm, supplier risk, vendor risk, cyber risk, cybersecurity regulation, cyber resiliance, cybersecurity, data quality checks, vendor database, compliance data, risk-scoring, internal audit, regulation, Data Security & Privacy, data risk

Cyber-Criminals Target New Companies, New Supply Chains

Cyber-criminals are seeking out new prey. Industries that previously had a lower threat profile – such as oil-and-gas, manufacturing, and shipping – are now falling victim to cyber-attacks at an increasing rate. In some cases, the cyber criminals are using the supply chains of companies in these industries as entry points for the attacks. In other cases, the criminals target these companies directly. In either case, the organizations these companies are third parties to – their clients – are often impacted.   

As a result of this new trend, governments are stepping up with new efforts – laws, regulations, and guidance – to help create national supplier ecosystems that are more resilient to cyberattack. Industries are also creating their own working groups and other types of infrastructure to help increase communication about cyber risk – to share experiences as well as information on prevention and resilience. The evolution of cybercrime is rapid – governments, industries and individual companies are working hard to stay ahead of the threat.

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Topics: third party risk management, third party governance, tprm, supplier risk, vendor risk, cyber risk, salary, cybersecurity regulation, cyber resiliance, cybersecurity

Cyber resilience and supplier risk: moving beyond compliance

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.

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Topics: third party risk management, board of directors, board accountability, governance, third party governance, FCA, supplier risk, cyber risk, cyber resiliance