Blog

Expert Interview - John Bree on the Top Five TPRM Program Mistakes Firms Often Make

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. 

Read More

Topics: Financial Services, third party risk management, board of directors, governance, tprm, board accountability, third party governance, benchmarking, supplier risk, third party supplier, vendor risk, risk assessment

Third Party Risk - A Unique Kind of Operational Risk

Third party risk management is on a journey. A journey that is being accelerated and guided by increased regulatory attention.

Read More

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

Shared Compliance Communities – Aravo’s Perspective and Experience

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.

Read More

Topics: Financial Services, third party risk management, compliance programs, Hellios, communities, defense

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.

Read More

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

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.

Read More

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

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.

Read More

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

How To Build a Business Case for Better Third Party Risk Management

Boards of directors together with their C-suite teams have begun to realize just how little risk information they actually have about their third party relationships, and how fragmented that information can be across an organization of even a modest size. 

DOWNLOAD THE WHITE PAPER

Read More

Topics: Anti-bribery & Anti-corruption, risk and compliance, Financial Services, third party risk management, automotive, Aerospace & Defense, Chemicals, Industrial Manufacturing, Metals & Mining, business case, Business Services, Construction, High Technology, Pharmaceutical & Life Sciences, Retail, how to

State and Federal Financial Services Regulators Apply Focus on Cybersecurity and Third Party Relationships

In a sign of what may well be coming for all highly-regulated industries around the world, US financial services regulators are in the process of significantly enhancing their cybersecurity rules, including substantial new rules impacting third party relationships.

Read More

Topics: OCC, Financial Services, Data Security & Privacy, fsr, information security, cybersecurity, fdic, privacy, fsscc, bits, federal reserve, bank