Third party risk management (TPRM) could be set to evolve at lightning speed over the next five years, according to Victoria Munoz-Titos, former EMEA, Risk and Control Services at AIG in London. The changes won’t just be accelerated by regulatory demands either. Rather, they will be propelled by a transformation to the way organizations work together, as financial services firms incorporate outsourcing and other types of third party relationships even deeper into their business strategies. Below are the top seven trends that Munoz-Titos sees changing the way firms engage with TPRM and their third-party relationships:
January 23, 2018 posted by Aravo
Topics: third party risk management, board of directors, board accountability, benchmarking, governance, third party governance, tprm, risk assessment, third party supplier, supplier risk, vendor risk, risk reporting, risk appetite
January 15, 2018 posted by Aravo
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.
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 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 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: third party risk management, risk and compliance, Financial Services, compliance risk, reputational risk, risk management, tprm, event, EMEA, governance, compliance programs, third party risk, risk appetite, survey