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being asked to help shape their corporate data strategies, while their approach to their own risk data can be painfully out-of-date.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

Expert Interview: Keith Koo on A Horizon View of Third Party Risk, Cyber-Risk, and Emerging Technologies

 

Sometimes, in the world of third party risk, we spend a lot of time looking at what is directly in front of us (or re-actively, what’s behind us), or even with our heads in the sand. Industry expert, Keith Koo, spends a lot of time looking to the horizon.

When you meet Keith – you are immediately struck by the energy and enthusiasm he brings to the topics near and dear to his heart: disruptive technology, digital innovation and cyber-security, and the intersection of all these trends with third party risk.

Not only has Keith had significant experience in managing large third party risk programs for large banks and enterprise technology companies, he now advises companies with the most complex and pressing third party management challenges as a Managing Partner at Guardian Insight Group.

However, it’s been his experience working in the Silicon Valley, that also spurred Keith’s long-term interest in digital innovation, cyber-security and emerging, disruptive technologies such as cryptocurrencies and blockchain.

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Topics: Data Security & Privacy, third party risk management, blockchain, cryptocurrency, cyber risk, data privacy, technology

Aravo Solutions Wins GRC 20/20 Innovation Award for its Third Party GDPR Compliance Application

The team here at Aravo are particularly honored and excited to receive the 2017 GRC Innovation Award for Third Party Management from independent GRC analyst firm GRC20/20 for our Third Party GDPR Compliance Application, Aravo for GDPR.

This is the second year running that Aravo Solutions has been recognized by GRC 20/20. In 2016 Aravo won the GRC 20/20 Award for Value in Third Party Management, where Aravo’s Enterprise Third Party Risk Management solution was found to drive measurable value, delivering better GRC efficiency, effectiveness and agility to complex third party programs.

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Topics: GDPR, Aravo for GDPR, GDPR award, GRC20/20, grc 2020, innovation award, gdpr compliance, gdpr application, aravo solutions gdpr, General Data Protection Regulation, grc award, third party gdpr, gdpr report, gdpr compliance application, gdpr solution, Data Security & Privacy

Three ways the Internet of Things and the GDPR will impact Third Party Risk

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.

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

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: 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

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

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

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

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

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