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Dec 31, 1969 by

Best Practices

December Vendor Management News

Dec 12, 2019

 

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Cybersecurity

Vendor Cyber Risk Management: Now Is a Good Time to Do Another Check-In

Dec 11, 2019

Tis the season! Third party risk will never be the same. Why is it that cyber thieves, aka hackers, are more active around the holidays? Around Halloween each year, information security [...]

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Best Practices

Unfreezing Vendor Risk Management Tasks

Dec 10, 2019

This time of the year, if you live in a similar climate as I do, when you step outside the temperatures are frigid. You’re bundling up as much as possible and layering on sweaters, coats, your [...]

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Outsourcing

5 Reasons to Outsource Vendor Management Even When You Have a Solid Program

Dec 4, 2019

At times, it can prove quite challenging to justify outsourcing vendor management when the program in place gets the job done. Have you found yourself in this situation before? It’s human nature [...]

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Due Diligence

Back to Basics: 6 Core Elements for Your Vendor Management Program

Dec 3, 2019

Vendor management, or third party risk management as it’s more commonly referred to, has been around for years. Having a firm grasp on the vendors with whom you are doing business isn’t new, but [...]

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Best Practices

November Vendor Management News

Nov 28, 2019

Catch the latest headlines for the month of November related to third party risk management. It's important to stay up-to-date. 

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Best Practices

20 Third Party Risk Management Best Practices to Take With You Into 2020

Nov 27, 2019

Can you believe it? 2019, a year for the books, is almost over. This year, there have been a lot of regulatory changes, updates, shifting priorities and more. So, in light of all this, what are [...]

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Best Practices

Your Vendor Has Significant Management Turnover. Why Should You Care?

Nov 26, 2019

Turnover… it’s great if it’s an old-fashioned type of apple pie, but not so great if it’s the departure of key executives from one of your high-risk or critical third parties. It may seem simple, [...]

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Reporting

Vendor Management Reports You Should Have on File

Nov 20, 2019

We often like to say analyzing vendor financial statements should be a critical component of your due diligence because it’s “not just about the numbers.” It can lead to discovering some risky [...]

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Best Practices

Spreadsheets for Vendor Management Just Don’t Cut It Anymore

Nov 19, 2019

Using tools like Excel, Access or Word for your vendor management can make the data cumbersome for you to manage and difficult for your examiner to read. So, why are you still using those archaic [...]

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SOC Reports

SAS 70, SSAE 18 and now the Vendor SOC 2 Alignment with COSO…Oh My!

Nov 18, 2019

Just as the world is constantly changing, so is the world of vendor management. Thankfully, the world of vendor management is changing to improve vendor security and oversight for the better via [...]

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Due Diligence

Gobble Til You Wobble. What Is an Acceptable Vendor Risk Appetite?

Nov 13, 2019

You may or may not realize this yet, but every organization does have a risk appetite. The ISO 31000 defines risk appetite as the amount and type of risk that an organization is prepared to [...]

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Best Practices

The Role of Vendor Management Within Your Organization

Nov 12, 2019

There’s a lot that goes into vendor management and all the hard work makes it an integral component of an organization’s success. Vendor management, or often referred to as vendor risk management [...]

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Best Practices

How to Make Vendor Management Software Worth It

Nov 6, 2019

You’ve taken the time to carefully vet vendor management software providers. You’ve dotted all the I’s and crossed all the T’s. You’ve found the one –the perfect vendor partnership for your [...]

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Fourth Party Vendors

How You Should Treat Fourth Party Vendors

Nov 5, 2019

Dealing with third parties is a lot to have on your plate, however examiners think you can still handle more. They will ask you about your fourth parties too!

You may be wondering, what in the [...]

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Best Practices

October Vendor Management News

Oct 31, 2019

Check out latest third party risk management news from October. It's important to catch the headlines. We've helped make it easier by making a list below.

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Information Security

Your Vendor's Information Security Control Environment Is Faulty. What Now?

Oct 30, 2019

In a world where information security breaches are all too common, it’s vital that you verify each vendor’s information security control environment is adequate and designed to protect your [...]

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Cybersecurity

Vendor SOC for Cybersecurity: Do You Need to Request One?

Oct 29, 2019

With increased scrutiny and regulations surrounding cybersecurity, it's a topic that is “talk of the industry.” Developed by the American Institute of Certified Public Accountants (AICPA), the SOC [...]

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Cybersecurity

6 Vendor Cybersecurity Red Flags

Oct 23, 2019

A cybersecurity plan helps protect organizations from potential vulnerabilities. A vulnerability can be a data breach, phishing attack or another form of system exposure. It’s important to [...]

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Cybersecurity

Vendor Information Security Policy: What Should Be Included

Oct 22, 2019

Strong information security is crucial to safeguarding your organization and customer data. Information security always keeps confidentiality, integrity and availability at the core. This means [...]

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SOC Reports

How to Compensate Vendor Controls

Oct 16, 2019

In SOC audits, a compensating vendor control is the process of satisfying a security measure requirement that has been determined too difficult, impractical or unattainable at that particular time [...]

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Best Practices

5 Things Vendor Managers and Ghostbusters Have in Common

Oct 15, 2019

Have you ever seen the 1984 film Ghostbusters? Or, how about its 2016 remake? The original is about a trio who start their own ghost catching business. The trio is on the hunt to catch and combat [...]

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Best Practices

Third Party Risk Management Interview with Ballard Spahr Attorney

Oct 14, 2019

As part of Venminder’s Thought Leadership series, I recently had the opportunity to speak with Glen Trudel, Partner at Ballard Spahr. In this series, we speak with the industry’s sought-after [...]

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Cybersecurity

4 Best Practices to Reduce Third Party Cybersecurity Risk

Oct 9, 2019

When you outsource to a third party, cybersecurity risk is a huge possibility. The confidentiality of your organization’s and customer’s data is on the verge of being exposed daily as your third [...]

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Best Practices

4 Steps of Third Party Monitoring

Oct 8, 2019

The most successful vendor management programs include continuous third party monitoring. By this, I mean that the vendor management team doesn’t cease all third party monitoring after vendor [...]

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Outsourcing

What Are the Advantages of Vendor Management Oversight Software?

Oct 7, 2019

Vendor management and the myriad of ensuing requirements have increased significantly over the past several years. There’s now increased attention to fourth party vendors and expectations around [...]

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Cybersecurity

How to Perform a Vendor Cybersecurity Review

Oct 2, 2019

Venminder’s recent State of Third Party Risk Management survey found that fourth party risk management and cybersecurity are expected to be the next biggest hurdles at many organizations. This [...]

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Budget

Real-Life Consequences of Not Investing in Vendor Management

Oct 1, 2019

In our 2019 State of Third Party Risk Management industry survey, we found that few organizations invest more than $5,000 or have more than five full-time employees (FTE) devoted to third party [...]

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Best Practices

September Vendor Management News

Sep 26, 2019

Make sure you don't miss any important vendor management news! To make it easier for you, we've put together this list of key third party risk management articles and news. Read below!

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SOC Reports

I’ve Never Dealt with a Vendor SOC Report: Where Do I Begin?

Sep 25, 2019

The importance of a System and Organization Controls (SOC) report in third party risk management cannot be stressed enough. A SOC report is prepared by an independent auditor, so you can be [...]

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Best Practices

How to Prioritize Vendor Management Tasks

Sep 24, 2019

All too often it's hard to find a place to begin any new project. Prioritizing tasks can be challenging when all seem incredibly important. So, let’s consider this common situation that most of us [...]

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Examination Preparation

Vendor Management Exam Procedures: Designating a Point Person

Sep 23, 2019

Okay, it’s exam time! The time has come to make sure you’re well-organized and well-prepared for what can be an otherwise an overwhelming process. So, how do you prep for this? We’re here to give [...]

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Due Diligence

Third Party Due Diligence: Not All Vendors Are the Same

Sep 18, 2019

With all the rapid changes, and regulations becoming more stringent at the prudential regulators, there’s an expectation that your third party risk management program is evolving too. When you sit [...]

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Contract Management

How to Review a Vendor Contract

Sep 17, 2019

Negotiation is vital. Do not accept the first contract that you see as changes to accommodate special requests by both parties are common and often necessary. It can be challenging, but break it [...]

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Budget

What Should Be Included in Your Vendor Management Budget

Sep 11, 2019

When it comes to setting a budget for vendor management, some organizations try to say they have no budget. This may come off harsh, but that can't be right. You can’t spend $0 on proper – proper [...]

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Best Practices

Fintechs: Do You Have Proper Third Party Risk Management In Place? Your Clients Care

Sep 10, 2019

If you’re a fintech company reading this, there’s a strong, high chance you have clients who are amongst highly regulated verticals – banks, credit unions, mortgage companies and more. Regulators [...]

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Best Practices

How to Onboard a New Vendor

Sep 4, 2019

Businesses don’t run without vendors. You may only have a handful, or you may have hundreds or even thousands, but no matter what, you have at least one. Your telephone service provider is, in [...]

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SOC Reports

6 Tips to Understanding a SOC 1 Report

Sep 3, 2019

SOC 1 reports can be confusing. There can be multiple types, some reports have fourth parties involved, you may have the right vendor but wrong report, you may be trying to determine what the [...]

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Best Practices

August Vendor Management News

Aug 29, 2019

Keep up-to-date on the latest vendor management news. We'll help you out! Read the articles below that we recommend checking out.

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Due Diligence

Vendor Document Management Disasters and How to Handle Them

Aug 28, 2019

I’ve been to a rather significant number of conferences over the course of my career. I’ve found that each session will usually give you at least one pearl of wisdom. However, the gold nuggets we [...]

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Contract Management

The Basics of Service Level Agreements for Vendor Contracts

Aug 27, 2019

As a professional in third party risk management, you probably hear the term service level agreement, or SLA, for short, often. So, it’s important to understand what they are. To help, we'll go [...]

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Examination Preparation

7 Elements to a Proper Internal Audit Program for Vendor Risk Management

Aug 26, 2019

Having an established internal audit program at an organization is a great way to find gaps or items that may have been missed before, such as any disconnect between your vendor management [...]

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Risk Assessment

What Do I Do If My Vendor Won’t Fill Out the Vendor Risk Assessment Questionnaire?

Aug 21, 2019

You’re in a predicament. You recently sent your vendor the vendor risk assessment questionnaire not once, not twice but three times and they still haven’t filled it out. To make matters even [...]

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Outsourcing

10 Signs That You Need to Outsource or Augment Vendor Management Staff

Aug 20, 2019

The workload in vendor management can be enormous, particularly with heightened regulatory expectations, pressures on deadlines and the need to keep an eye on expenses.

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Contract Management

6 Items to Negotiate into Your Vendor Contracts

Aug 14, 2019

"You don't get what you deserve; you get what you negotiate." – Dr. Chester L. KarrassAs you enter into a vendor relationship, contract negotiation should always be one of the first tasks completed

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Best Practices

Why You Need Vendor Management (VM) Not Just Enterprise Risk Management (ERM)

Aug 13, 2019

I was talking to my friend Jeff the other day. Jeff works for a rather large organization. I asked him how he was handling third party risk management. He informed me that his organization has an [...]

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Best Practices

Third Party Risk Management Interview with Regtech Industry Leader

Aug 12, 2019

As part of Venminder’s Thought Leadership series, I recently had the pleasure of speaking with Jo Ann Barefoot, CEO at Barefoot Innovation Group and co-founder of Hummingbird Regtech. In this [...]

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Due Diligence

Pre-Contract Third Party Due Diligence You Should Be Doing

Aug 7, 2019

As part of your third party due diligence, you should have a comprehensive plan to vet vendors before contracting with them. One of the first things you should consider is some type of [...]

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Contract Management

5 Key Provisions to Look for in Critical Vendor Contracts

Aug 6, 2019

Whether reviewing a new critical third party contract or negotiating new terms and conditions of an existing contract, there are many elements you need to consider.

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Best Practices

July Vendor Management News

Aug 1, 2019

Keep up-to-date on the latest vendor management news. We'll help you out! Read the articles below that we recommend checking out.

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Best Practices

Vendor Due Diligence Document Alternatives

Jul 31, 2019

In a perfect world, we’d be able to obtain every single document or everything we request of the vendor and it would be done with a speedy turnaround. However, in third party, risk as most of us [...]

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Due Diligence

Why Due Diligence Is So Important - Some of the Best Advice I Ever Received

Jul 30, 2019

A little over 13 years ago, I was leaving MBNA America following an acquisition by Bank of America. 

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Cybersecurity

Importance of Complementary User Entity Controls for Vendor Relationships

Jul 29, 2019

Complementary User Entity Controls (CUECs), also known as User Control Considerations (UCCs), are controls that the vendor has included within its system and rely on the user entity (you) to [...]

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Cybersecurity

5 Reasons Why Vendor Cybersecurity Ratings Matter

Jul 24, 2019

Did you know your vendor’s cybersecurity can be rated? Yes, rating a vendor’s cyber preparedness has become the primary due diligence challenge of 2019. In fact, according to our 2019 State of [...]

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Financials

5 Steps to Evaluating Your Vendor's Financial Stability

Jul 23, 2019

A vendor’s financial status can impact your organization significantly. Things such as a decline in service levels, the vendor sunsetting their products and rapid staff turnover can all be a [...]

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Best Practices

Interview with Oil and Gas Industry Thought Leader

Jul 22, 2019

Recently, as part of Venminder’s Thought Leadership interview series, I had the opportunity to speak with Michael Donnella, Corporate Compliance Officer at Murphy Oil Corporation, to hear his [...]

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Cybersecurity

What to Do When Your Vendor Is Susceptible to Cybersecurity and Data Incidents

Jul 17, 2019

In today’s tech environment, it’s common to outsource a product or service to a vendor who specializes in that area. Typically, it makes the most economical sense for a business, too. But what [...]

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Best Practices

How a Vendor Management System Works and Why You Need It

Jul 16, 2019

Dunbar’s Number says that the number of people you can maintain stable relationships with tops out at 150 people. It should be easy to keep up with 150 friends, relatives, coworkers and [...]

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Business Continuity / Disaster Recovery

Differences Between a Vendor's Disaster Recovery and Business Continuity Plans

Jul 10, 2019

The assumption that disaster recover plans and business continuity plans are the same thing is a common misconception. While they are closely intertwined, they’re not the same.

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Best Practices

How to Vet an International Vendor

Jul 9, 2019

Vetting vendors is a critical phase of the vendor lifecycle. Most of us know our organization’s requirements for vetting a US-based vendor, but what about an international vendor? Do these [...]

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Best Practices

11 Helpful Tips to Onboarding a New Vendor

Jul 8, 2019

Vendor onboarding is a fundamental component of third party risk management. To have a successful vendor partnership, you must have a successful vendor vetting and onboarding process.

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Best Practices

5 Ways to Make Your Vendor Management Plan Sparkle

Jul 3, 2019

When you take part in fourth of July fun, it usually involves seeing fireworks and playing with sparklers. So, in the spirit of Independence Day, we’re here to share five ways to make your vendor [...]

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Risk Assessment

9 Regulatory Risk Types Involved in a Vendor Risk Assessment

Jul 2, 2019

Writing a risk assessment document for the first time or the thousandth time can be a daunting task. People often struggle with how much there is to consider.

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Best Practices

June Vendor Management News

Jun 27, 2019

Keep up-to-date on the latest vendor management news. We'll help you out! Read the articles below that we recommend checking out. 

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Cybersecurity

What Are ISO Certifications and Should Your Vendor Have One?

Jun 26, 2019

ISO certifications, specifically ISO/IEC 27001:2013, will inform you on a vendor’s information security. They’re a great indicator of internal process maturity at an organization. The result of [...]

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Reporting

What Vendor Management Information Should I Be Reporting?

Jun 25, 2019

Reporting to senior management and/or the board is not just a best practice; it’s actually a requirement of regulatory guidance. Review guidance like OCC Bulletin 2013-29 or FDIC FIL-44-2008 to [...]

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Best Practices

Who Is Considered a Third Party or Vendor?

Jun 19, 2019

A third party vendor is a company or entity with whom you have a written agreement to provide a product or service on behalf of your organization to your customer or upon whom you rely on a [...]

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Best Practices

What Is a Vendor Management Program?

Jun 18, 2019

To sum it up, a vendor management program is a plan established to protect your organization from vendor risk. By outsourcing a product or service to a third party vendor – or those fourth party [...]

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Best Practices

Your Vendor’s Disaster Recovery Plans: 8 Things to Watch Out For

Jun 12, 2019

Third party risk management today is like performing a high-wire act without a net. There is so much that can go wrong at any point in time and some things with disastrous consequences. One of the [...]

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Risk Assessment

3 Keys to Conducting Vendor Risk Reviews

Jun 11, 2019

Imagine you’re on a gameshow. You have 3 locked doors and one key that will open only one of the doors. Instead of winning a “prize”, the door the key opens is to the vendor risk program you’re [...]

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SOC Reports

What to Know About SSAE 18 for Your Vendor Management

Jun 5, 2019

We had SAS 70, then SSAE 16... now we have the SSAE 18. SSAE 18 is a little different, so we’ve outlined some key points for you below to assist with your understanding.

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Financials

5 Results of an Insufficient Vendor Management Budget

Jun 4, 2019

Before I delve into what can happen due to an insufficient vendor management program budget, let’s start with a story. Picture this. You’re the new Chief Information Security Officer (CISO) at a [...]

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Best Practices

Thought Leadership Interview Focuses on Ongoing Vendor Monitoring Changes

Jun 3, 2019

Very recently, I had the opportunity to be a featured expert in Venminder’s Thought Leadership interview series. In this series, Venminder speaks with industry thought leaders to hear their [...]

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Best Practices

May Vendor Management News

May 30, 2019

Reading up on latest vendor management news can only help your risk programs. We'll help you out!  Below we've listed some articles from this past week that we recommend checking out. 

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Outsourcing

RegTech Companies Help Employees in Third Party Risk - They Don’t Replace Them

May 29, 2019

Science Fiction and Jeopardy fans will recognize the line “I, for one, welcome our robot overlords” but is there a real danger to the rise of regulatory technology (RegTech) companies in general [...]

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Due Diligence

What Are Vendor Due Diligence Reviews?

May 28, 2019

A common question people often struggle with is, “What constitutes appropriate vendor due diligence?” Or, “What are vendor due diligence reviews”? As with any question, the official answer can be [...]

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Best Practices

5 Tips to Achieve Vendor Management Success

May 22, 2019

Breaking news! There are some vendor management best practices that will set any organization up for vendor management success – regardless of size or industry.

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Fourth Party Vendors

Fourth Party Vendors: How Far Do You Need to Go?

May 21, 2019

Just when you thought you had your arms around your vendor management program, auditors and examiners have been requesting information about your “vendor’s vendors” as of recent years.

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SOC Reports

Risk of Not Reviewing Your Vendor's SOC Report

May 15, 2019

Reviewing each vendor’s SOC (System and Organization Controls) report is a critical due diligence step and is vital in the initial vendor selection stage and the ongoing monitoring stage. SOC [...]

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Best Practices

Vendor Management Procedures and the Job Swap

May 14, 2019

Anyone who knows me knows I have a few obsessions – I’m “cyclelogically” obsessed with my bicycle and I am an absolute NASA-nut (thanks to Twitter and NASA Social for taking me to some really [...]

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Business Continuity / Disaster Recovery

What Happens When a Critical Third Party Vendor Doesn’t Have a Good Business Continuity Plan?

May 8, 2019

Business Continuity Planning (BCP) and Disaster Recovery Planning (DR) are the processes of developing, testing and maintaining plans to sustain business resiliency as well as normalize operations [...]

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Examination Preparation

7 Key Vendor Risk Management Items Your Examiner Will Care About

May 7, 2019

When you get notice of an upcoming exam it can be a time of frantic scrambling – but it doesn’t necessarily have to be. There are specific items your examiner is going to care about. The best way [...]

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Cybersecurity

6 Tips for Managing Vendor Cyber Risk

May 1, 2019
According to Venminder’s  2019 State of Third Party Risk survey , one of the biggest hurdles organizations foresee this year is assessing third party cybersecurity. This comes as no surprise [...]
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Best Practices

How Mature Is Your Vendor Management Program?

Apr 30, 2019

A topic we hear a lot at industry conferences and during webinars is the maturity of your vendor management program. What exactly does this mean? Let's go through that now...

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Best Practices

April Vendor Management News

Apr 25, 2019

Stay on top of the third party risk management industry. To help you out, we've listed some articles below from this past week that we recommend checking out. 

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Financials

What Insurance Should Your Vendors Have?

Apr 24, 2019

For all practical purposes, it’s impossible to discuss the insurance requirements for your third party vendors without discussing the overall risk posture and insurance protection your [...]

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Risk Assessment

Criticality and Risk Rating Vendors 101

Apr 23, 2019

A vendor's criticality and risk rating are two different things, but they often get used interchangeably. We'll clarify them more for you to better understand.

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Best Practices

5 Ways to Spring Clean Your Third Party Risk Management Program

Apr 22, 2019

Like many others, you may find the introduction of spring to be a great time to do some spring cleaning. While you’re dusting off the shelves and clearing the clutter, it may not hurt to [...]

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Financials

5 Tips to an Accurate Vendor Financial Performance Assessment

Apr 17, 2019

As you review your vendors financial health, here are 5 tips to an accurate vendor financial performance assessment.

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How to Manage an On-Site Vendor Visit

Apr 16, 2019

Much goes into the planning and coordination of a vendor site visit. The planning leading up to the site visit will determine the success of the time you invest with the vendor while on-site.

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Best Practices

Third Party Risk Management Survey Discovers Top 3 Challenges

Apr 15, 2019

Venminder’s State of Third Party Risk Management Survey provides insight into how financial services and financial technology companies manage third party risk management. To give you the biggest [...]

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Best Practices

Vendor Management vs. Enterprise Risk Management vs. Third Party Risk Management vs. Supplier Relationship Management

Apr 10, 2019

Could it get any more confusing? Ever wonder, “What am I really supposed to be doing?”. Vendor management (VM), enterprise risk management (ERM), third party risk management (TPRM), vendor risk [...]

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Best Practices

How to and How NOT to Use the First Line of Defense in Vendor Management

Apr 9, 2019

The first line of defense, in other words, the business relationship managers who deal with vendors day to day, is absolutely essential in a well-managed third party risk management program. After [...]

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Regulations

Interview with Vendor Management PMO/EPMO Expert

Apr 8, 2019

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Business Continuity / Disaster Recovery

4 Big Things to Watch Out for in Your Vendor's Business Continuity Plan

Apr 3, 2019

Business continuity planning (BCP) is the process in place for companies to ensure that their key operations and products/services continue to be delivered at an accepted level of availability. Th [...]

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Outsourcing

Leveraging Software for Vendor Risk Assessments to Gain Consistency

Apr 2, 2019

Risk assessments continue to be a challenge for organizations regardless of size. At a granular level, a basic risk assessment may be the guide to determine the level of oversight that a third [...]

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Regulations

Vendor Management Discussion with Knowledgeable Bank Regulatory Attorney

Apr 1, 2019

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Best Practices

March Vendor Management News

Mar 28, 2019

In efforts of staying on top of the third party risk management industry, we've listed some articles below from this past month that we recommend checking out. 

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Due Diligence

10 Common Mistakes in Vendor Risk Management: Don’t Be “Fooled”

Mar 27, 2019

Don’t let the vendor fool you. Be diligent and perform reviews, even when you feel it may be unnecessary.

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Best Practices

12 Ongoing Monitoring Best Practices for Third Party Risk Management

Mar 26, 2019

Three fundamental practices in third party risk oversight include:

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Information Security

How to Get Data Back from a Vendor

Mar 20, 2019

It’s important to retrieve non-public personal information (NPPI) data after a contract has terminated. There’s a significant amount of focus on important issues or concerns when onboarding a new [...]

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Due Diligence

8 Questions to Ask If Accepting Shared Vendor Due Diligence Documentation

Mar 19, 2019

One of the primary pain points in third party risk management is document collection. Add vendor questionnaires into that, and the subsequent review and analysis, and it’s no wonder that some [...]

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Due Diligence

FIS Worldpay Acquisition Can Pose New Opportunities and Vendor Assessment Challenges

Mar 19, 2019

On March 18, 2019, FIS announced the acquisition of Worldpay, a move that combines two very large payments systems. Not far behind January’s First Data Fiserv move, the FIS Worldpay acquisition [...]

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Due Diligence

4 Reasons You Don’t Need Luck for Successful Vendor Compliance

Mar 13, 2019

Vendor compliance isn’t about luck. Ensuring vendor compliance is dependent on how you manage vendor oversight. Here are 4 reasons why.

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Financials

How to Read a Vendor Financial Statement

Mar 12, 2019

Obtaining a financial statement from your vendor(s) should never be considered a check-the-box exercise. In my daily work, I see organizations request a financial statement and, once they receive [...]

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Due Diligence

What Is Third Party Risk? A Quick Look for Beginners

Mar 6, 2019

Third party risk management is the process of fully identifying all of the significant companies/vendors that aid in the delivery of a product or service to your organization or to your customers [...]

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Best Practices

What Is Your Biggest Vendor Management Challenge?

Mar 5, 2019

Organizations face many challenges specifically with third party risk management. To make sure we keep up with what those pain points are, we continually ask organizations to share their biggest [...]

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Best Practices

February Vendor Management News

Feb 28, 2019

Staying on top of what's happening in the industry is an important part of proper vendor risk management. So, take a look at some top articles from the month of February below that we suggest [...]

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Best Practices

The Dos and Don’ts of Vendor Risk Management

Feb 27, 2019

Most of us have them – little bad habits here and there that we’ve become accustomed to and have integrated into our routine. When it comes to vendor risk management, a bad habit isn’t something [...]

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Due Diligence

2 Reasons UDAAP Is Violated Most Often

Feb 26, 2019

Enforcement actions by many different regulators including the CFPB, OCC and FDIC make it clear how important UDAAP (Unfair, Deceptive or Abusive Acts or Practices) is to a solid third party risk [...]

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Due Diligence

What to Know About Fourth Party Vendor Risk

Feb 20, 2019

Third party risk, fourth party risk, maybe even fifth party risk? There’s a lot of potential risk to know and understand. In this blog, we thought it’d be helpful to focus on one that seems to be [...]

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Best Practices

6 Steps for Establishing a Vendor Risk Management Program

Feb 19, 2019

Much plays into a successful vendor risk management program. The time devoted, the subject matter experts involved and a thorough understanding of the evolving regulations are all considerations [...]

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Due Diligence

Are You and Your Vendor a Proper Fit? Gain Cultural Alignment

Feb 13, 2019

With any successful partnership, there should be an agreed upon level of understanding between both parties. In this piece, we’ll look a little deeper, past the dinner with the executive team, [...]

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SOC Reports

Vendor SOC 1, 2 or 3 – Understanding the Differences

Feb 12, 2019

If you’re a regulated organization, you likely already understand that you should be asking many of your vendors for a SOC reportespecially your critical or high risk vendors.  

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Best Practices

Third Party Risk Management Interview with Operational Risk Expert

Feb 11, 2019
As part of our Venminder Thought Leadership series  where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]
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Due Diligence

Why You Need to Do Vendor Due Diligence

Feb 6, 2019

The due diligence you collect on a vendor is only as good as the analysis performed. Due diligence is one of the most critical activities in third party risk management because let’s face it, your [...]

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Best Practices

12 Common Red Flags Caught in Vendor Reviews

Feb 5, 2019

Third party risk management is a constant cycle. With oversight guidelines from regulators, there’s plenty of material about what vendor managers should be doing to effectively manage their [...]

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Best Practices

January Vendor Management News

Feb 1, 2019

There was a lot of news this week! Topics include: a lengthy report by Wells on how it will make amends and respond to consumer complaints, two large CFPB enforcement actions, discussion of [...]

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Outsourcing

Outsourcing Vendor Management: When Does It Make Sense?

Jan 30, 2019

Does leveraging external expertise make sense in a tight margin environment? In an environment of increasing competition with shrinking margins, there's valid reasoning that leadership might [...]

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Due Diligence

Oversight Best Practices for Closing Settlement Agents

Jan 29, 2019

News articles have discussed wire fraud risk and the oversight practices involved in closing settlement agents. In fact, you can find helpful information on the topic by reading this blog post – [...]

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Best Practices

Third Party Risk Thought Leadership Discussion with Silicon Valley Tech Guru

Jan 28, 2019

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Best Practices

Week of January 21, 2019: Staying on Top of Vendor Risk Management News

Jan 25, 2019

This was a short week and although there is less industry news this week, what news there is still is significant. Read for more details below!

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Cybersecurity

3 Actions You Can Do to Avoid Vendor Breaches

Jan 23, 2019

Unfortunately, a reality that we’re living in is that it’s likely that a breach will happen at some point. So, it’s important to prevent and be prepared.

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Best Practices

Third Party Risk Management Survey Discovers Two Big Hurdles to Overcome

Jan 22, 2019

Venminder’s State of Third Party Risk Management Survey provides insight into how financial services and financial technology companies manage third party risk management. To give you the biggest [...]

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Best Practices

Week of January 14, 2019: Staying on Top of Vendor Risk Management News

Jan 18, 2019

This week features some fun stuff – continued sparring over how to regulate fintech’s, the best banks in US and news on last year’s major data breach at Marriott. Read for more details below!

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Best Practices

What the Regulators Will Expect in 2019 Vendor Management

Jan 16, 2019

2018 did not deliver the highly anticipated sweeping regulatory reform – sure, it nibbled at the edges with a break in the exam cycle for well-managed organizations under $3 billion and changes [...]

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Best Practices

Vendor Management Discussion with Prepaid Industry Expert

Jan 15, 2019

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Best Practices

Week of January 7, 2019: Staying on Top of Vendor Risk Management News - 1

Jan 11, 2019

An interesting week – CFPB news, UDAAP enforcement action, huge money laundering scandal, and an NCUA update…This week’s edition of the news has something for everyone.

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Best Practices

5 Third Party Risk Resolutions for 2019

Jan 9, 2019

 If you’re like us, then you’ve probably set some resolutions for yourself in the new year.

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Due Diligence

The Objective of Third Party Risk Oversight

Jan 8, 2019

Review of regulatory compliance  oversight requirements for any organization can be a necessary reminder for the C-Suite and a reminder to better understand the purpose of, and requirement to [...]

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Due Diligence

What Is Vendor Monitoring?

Jan 5, 2019

Have you heard the terms “vendor monitoring” and “vendor management” and thought that they mean the same thing? Chances are you’ve probably heard both used frequently and interchangeably [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of December 31

Jan 4, 2019

So this week, we heard from the new head of the CFPB, got an instructional video from the FDIC, have new workshops from the OCC, learned about a new Wells Fargo settlement and even get a little [...]

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Vendor Management

Knowing Your Vendor Is More Than Just Doing an Annual Risk Assessment

Jan 1, 2019

We’ve seen what we call the square peg syndrome. It’s the mindset that all vendors and the oversight required is the same. In some cases, that could be true, after all, a business continuity or [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of December 24

Dec 28, 2018

Even though it was a busy holiday week for most, there was still a fair amount of news for third party risk. In case you missed it, this week included the release of the worst passwords of the [...]

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Best Practices

7 Last-Minute Third Party Risk Management Tips Before We End the Year

Dec 26, 2018

With it being the last week left in 2018, majority of your focus may already be planning for the new year. Before this year wraps up, you can still build a better foundation for third party risk [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of December 17

Dec 21, 2018

This was another busy week for vendor risk management in the news! This week there was regulators being told to play nice, UDAP actions, AML actions, BCFP returning to its acronym of CFPB, OFAC [...]

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Best Practices

Third Party Risk Reflections on 2018

Dec 19, 2018

2018 has been a quiet year from an enforcement perspective, particularly as it relates to third party risk management. However, there has been changes in leadership at all of the major national [...]

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Best Practices

How to Figure Out Your Vendor Management Program Maturity

Dec 18, 2018

Often, you may wonder how mature your vendor risk management program is compared to peers and the industry. Some may measure this in terms of budget dollars spent on the program, vendors under [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of December 10

Dec 14, 2018

There are weeks that make you want to run for cover… this was one of those weeks!  News on every possible angle – new CFPB director, Equifax fall out and just tons of other news. Read for more [...]

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Best Practices

14 Steps to Improve Your Vendor Risk Management

Dec 12, 2018

Having an effective strategy for vendor risk management is critical to protect your organization and your customers. Continuing to make improvements to your existing policy, program and procedures [...]

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Due Diligence

How Much Vendor Oversight Is Enough?

Dec 11, 2018

While vendor risk management and compliance in general could be perceived as being a cost center, we often hear from clients who ask this one question which causes a pause...how much is enough [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of December 3

Dec 7, 2018

There was so much news this week, I don’t even know where to start – the massive Marriott data breach, the CFPB Ombudsman’s report, the political controversy swirling at the CFPB (as well as its [...]

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Contract Management

7 Next Steps to Handle Your Naughty Vendors

Dec 5, 2018

Do you have vendors that you’d categorize as naughty around this time of year? Don’t worry, we’ll cover ways to handle them.

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Best Practices

Top 10 Vendor Risk Management Best Practices to Take into 2019

Dec 4, 2018

It’s the last month of the year! When you leave behind 2018, don’t leave behind third party risk management best practices though. We have the top 10 vendor risk management best practices to take [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of November 26

Nov 30, 2018

At first glance, it looks like a sparse news week, but then when you look more closely, there’s a lot here – Deputy Fed Chair Quarles taking over a global regulatory function, a major UDAAP [...]

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Best Practices

How to Scale Your Vendor Risk Management Program

Nov 28, 2018

Ready to grow or expand your vendor risk management function? Do you know what to think about when scaling your program? There are a number of factors to consider. Let’s go through them.

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Risk Assessment

What Happens When a Vendor Gets a Poor Risk Rating

Nov 27, 2018

A vendor risk assessment should be performed on a third party vendor in order to properly assess and determine the risk posed to your organization. This should be done during both the vendor [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of November 19

Nov 23, 2018

Check out the articles we deemed important for this week from the world of third party risk management. Articles mention FDIC, SEC, exam consistency and more. Read below. 

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Examination Preparation

6 Steps to Developing a Successful Internal Vendor Management Audit Program

Nov 21, 2018

Internal audit programs are important as they can help identify gaps and areas that may have been overlooked. It’s important to understand the basic steps to a successful internal vendor [...]

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Outsourcing

6 Things to Watch Out for with Your Vendor Management Software

Nov 20, 2018

In any line of business, changing a vendor service is no easy task. The same thoughtful consideration should be given to the vendor management tool which will, ultimately, be the cornerstone of [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of November 12

Nov 16, 2018

Stay updated in the world of third party risk management by reading some articles that we recommend. Topics this week include more on enforcement actions, risk management and compliance, [...]

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Regulations

Examinations Change from 12 to 18-Month Cycle for Under $3 Billion Institutions

Nov 14, 2018

In the second and third quarters of 2018, several of the major financial services regulators issued an interim final rule extending the examination cycle for well-managed institutions from 12 [...]

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Best Practices

How to Improve Efficiency in Your Vendor Risk Management Program

Nov 13, 2018

It’s not enough that you have established a vendor risk management program that meets or exceeds regulatory guidance and audit requirements. Your organization should also make sure that your [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of November 5

Nov 9, 2018

We’ve had a little bit of everything as far as third party risk news this week – from new FFIEC information, cyber issues and, oh yes, an election causing gridlock. Read those articles and more [...]

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Outsourcing

6 Things to Do Now to Your Third Party Risk Management Program for 2019

Nov 7, 2018

It’s November! Where did 2018 go and why haven’t I dove back into my vendor management program? This is certainly a common conversation we have with clients here at Venminder. By taking these 6 [...]

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Outsourcing

Do You Have the Right Third Party Risk Management Software Provider? 10 Questions to Ask Yourself

Nov 6, 2018

Are you outsourcing your third party risk management functions to a software provider? If so, have you ever stopped and thought about if the company is the right fit for your organization? I [...]

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Best Practices

Top 5 Reasons to Be Thankful for Third Party Risk Management

Nov 6, 2018

Third party risk management is a comprehensive concept and can be very demanding at times. We fully understand that there are challenges presented to you on a daily basis that keep you and your [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of October 29

Nov 2, 2018

There has been lots of news this week – none bigger than the announcement that the FTC is going to open its complaints database to the public, much as the CFPB has done. That is not just big news, [...]

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Cybersecurity

Top 10 Questions in Vendor Cybersecurity Questionnaires

Oct 31, 2018

When building a vendor questionnaire or reviewing a questionnaire completed by a vendor, it’s essential to ask the right questions to properly understand the vendor’s cybersecurity environment. [...]

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Best Practices

Vendor Data Breach Notifications: Are You One of the Many Organizations Left in the Dark?

Oct 30, 2018

A few years ago, the New York Department of Financial Services (NYDFS) released survey results giving us more insight regarding many bank’s cybersecurity preparedness. The NYDFS surveyed 40 [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of October 22

Oct 26, 2018

This was an eventful news week in the world of regulatory risk. On our headlines, I’ve captured only two of the fines that were levied this week, but there were several others of smaller note. In [...]

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Regulations

Consider ALL Third Party Risk Management Regulatory Guidance

Oct 24, 2018

Last year, I spoke at a conference and, as I wrapped up, a member of the audience approached me and shared that he thought if he is doing well with complying to FDIC guidance, he shouldn’t need to [...]

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Best Practices

Vendor Management Policy Document: What You Need to Know

Oct 23, 2018

A vendor management policy is a document that informs senior management and the board about the activities provided in the vendor management program. A well-written vendor management policy is the [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of October 15

Oct 19, 2018

We've selected some insightful stories below related to third party risk management that we found interesting from this past week. Biggest news this week is CFPB claims it will define “A” for [...]

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SOC Reports

Red Flags in Critical Vendor SOC Reports

Oct 17, 2018

When you begin your initial due diligence or regular monitoring of a vendor, one of the first things to do is to request all their SOC reports. You also need to ask for the SOC reports for any [...]

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SOC Reports

What's the Significance of a Vendor's Bridge Letter?

Oct 16, 2018

A bridge letter, also known as a gap letter, is made available by the service organization (your vendor) to cover a period of time between the reporting period end date of the SOC report and the [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of October 8

Oct 12, 2018

We've selected some top stories below related to third party risk management that we found interesting from this past week. There’s more on cybersecurity, fines, data breaches and more.

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SOC Reports

How, Why and When to Request a SOC Report from Your Vendors

Oct 10, 2018

Requesting a SOC report from your vendor is an important step to validate that the proper controls are in place at that company, and if not, to give you the opportunity to request your vendor [...]

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Due Diligence

Vendor Management: What Are Vendor Due Diligence Reviews?

Oct 9, 2018

Not only is it a regulatory requirement but it’s also a sound business practice to conduct due diligence on all vendor relationships that provide the organization with a product or service.

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SOC Reports

Experienced Auditor's Perspective on Vendor Cybersecurity, SOC Reports and Best Practices

Oct 8, 2018

Recently, as part of our Venminder Thought Leadership series, I had the opportunity to speak with Mike Morris at Porter Keadle Moore (PKM). In this series we speak with the industry’s sought-after [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of October 1

Oct 5, 2018

Read some top stories below related to third party risk management that we found interesting from this past week. There’s news on cybersecurity, words from the new FDIC director and even a cartoon [...]

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Best Practices

Managing IT Vendor Security Risk

Oct 3, 2018

Through your vendor risk management program, you’re supposed to monitor your vendor’s information security and cybersecurity practices. As part of that, you need to manage the vendor’s information [...]

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Best Practices

7 Scary Scenarios to Avoid in Vendor Risk Management

Oct 2, 2018

Vendor risk management doesn’t always work out as planned and when that's the case, the end-result can be quite chilling.

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Best Practices

Staying On Top of Vendor Risk Management News: Week of September 24

Sep 28, 2018

This past week in the world of third party risk there have been interesting stories on a SEC enforcement action related to lack of cybersecurity preparedness, the OCC’s 2019 supervisory plans, [...]

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Best Practices

8 Vendor Risk Management Tips for a Successful Vendor Management Outsourcing Partnership

Sep 26, 2018

Choosing a partner to help with your vendor risk management program is an important consideration and one that requires planning, research and effort. While companies say they’re the perfect [...]

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Information Security

3 Information Security Principles to Use within Your Vendor Management Program

Sep 25, 2018

With the increase in cybersecurity breaches, it’s critical to monitor and fully understand your vendor’s information security posture in order to protect the company from unnecessary risk. There [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of September 17

Sep 21, 2018

Summer is officially over, and the leaves are changing for fall. But the leaves aren't the only thing changing right now - more and more fintechs are moving to Atlanta and making it their home, NY [...]

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Best Practices

How to Outsource and Select Vendors That Fit Your Organization’s Business Model and Needs

Sep 19, 2018

Organizations have become more involved in outsourcing and, as a result, are presented with challenges in managing the risks associated with selecting and managing vendor partners. Outsourcing has [...]

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Best Practices

8 Items You Should Be Reviewing During Your Internal Audit

Sep 18, 2018

I often think of an internal audit as a helpful check-up – it's a great time to find areas that may be problematic before they become a big problem. Having had some very favorable internal audits [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of September 10

Sep 14, 2018

With Hurricane Florence rolling through the U.S. this week, we're reminded to check in on ours and our vendor's disaster recovery plans. From everyone here at Venminder, we hope you're all staying [...]

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Best Practices

SSAE 18: The Full Overview for Vendor Management

Sep 11, 2018

The purpose for the creation of the SSAE 18, in May 2017, was to clarify the auditing standards and to reduce duplication within similar standards covering examinations, reviews and agreed-upon [...]

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Regulations

Vendor Risk Management Thought Leadership Discussion with Consumer Financial Attorney

Sep 11, 2018

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of September 3

Sep 7, 2018

We've put together the latest news on vendor risk management to keep you in the know. 

The Fed focuses on UDAP, you might see a new set of cybersecurity standards in the near future, US Treasury [...]

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Best Practices

Top 10 Questions in Vendor Cybersecurity Questionnaires

Sep 5, 2018

As a manager at a large organization, you rely on the efforts of an entire team of people. Since the financial crisis a decade ago, one thing has become abundantly clear from the regulators’ [...]

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Examination Preparation

Vendor Oversight: 5 Easy Steps to Plan the Annual Audit Schedule

Sep 4, 2018

Based on a few industry surveys, the #1 vendor risk management challenge facing organizations is TIME. Plan and execute early on the steps below and you’ll be on your way to performing audits and [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of August 27

Aug 31, 2018

This week in third party risk related news: Chase Bank hit with downgrade as a result of improper third party risk management, cybersecurity remains a topic of focus, working with fintech [...]

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SOC Reports

Why and When You Look at a Fourth Party’s SOC Report

Aug 29, 2018

Some say that your business is only as good as your employees. The same can be said for your vendors, as they are only as good as their vendor (your fourth party). A fourth party vendor is your [...]

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Contract Management

7 Ways to Drive Effective Vendor Contract Management at Your Organization

Aug 28, 2018

Let’s face it – a very difficult part of vendor risk management, particularly in mid-sized organizations, is usually the vendor contract management process. Why exactly is that? Well, unless you [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of August 20

Aug 24, 2018

An update on the OCC fintech charter, the latest in regtech, Merrill Lynch pays $8.9 million fine in SEC action with major third party implications, ECOA on third parties and more! Read below for [...]

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Best Practices

10 Actions for Effectively Managing Your Third Party Risk Management Program

Aug 22, 2018

Creating an effective third party risk management program takes a lot of work. There are a few critical elements to making certain your practices are robust and sustainable. Let’s look at 10 that [...]

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Examination Preparation

SEC Exams Emphasize Vendor Risk Management

Aug 21, 2018

The Securities and Exchange Commission, or SEC, oversees securities transactions, financial professional activity, mutual funds and more to protect investors, prevent fraud and deception and [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of August 13

Aug 17, 2018

New enforcement actions and continued analysis of the CFPB changes and the fintech charter dominate this week’s headlines - read these stories and more below for this week's third party risk [...]

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Outsourcing

Outsourcing Success Tips: 8 Best Practices for Managing Your Vendor Relationships

Aug 15, 2018

Outsourcing a product or service comes with a price tag. Whether you think of it as an expense or simply the cost of compliance, you may often find that the work of outsourcing, while falling in a [...]

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Contract Management

6 Key Provisions to Know for Vendor Contracts

Aug 14, 2018

When reviewing a new critical vendor contract, or negotiating terms for an existing one, you should be looking at specific provisions to ensure compliance with industry regulations and standards. [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of August 6

Aug 10, 2018

This week's vendor management industry news includes analysis of the new fintech charter (some vastly different viewpoints), an article that reminds us that third party risk is not just a [...]

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Regulations

Regulatory Reform – What Does It Mean for Third Party Risk Management?

Aug 8, 2018

A great deal of news recently has followed the various congressional initiatives to “roll back” portions of the Dodd-Frank Act. In the latter portion of the second quarter, a bill passed and was [...]

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Risk Assessment

Need a Reminder Why Third Party Risk Management Is So Important? Consider Airport Security

Aug 7, 2018

At a conference we attended this year, one presenter represented a global bank and was responsible for global third party risk. He and his team were responsible for performing both assessments via

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Best Practices

Third Party Risk from a Prepaid Expert’s Perspective

Aug 6, 2018

As part of our Venminder Thought Leadership Series interview where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of July 30

Aug 3, 2018

This week in third party risk news, there have been a number of mishaps that seemingly could have been avoided with proper vendor risk management. Read below for notable lessons on verifying your [...]

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Contract Management

The Difference Between a Vendor Contract and a Service Level Agreement (SLA)

Aug 1, 2018

Understanding the Vendor Contract

A contract is an agreement between two parties creating a legal obligation for your organization and vendor to perform specific acts. Each of the parties to the [...]

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Best Practices

Reading the News Is Good for Business and Third Party Risk Management

Jul 31, 2018

I confess that I love to read the news. It’s a practice I learned early on at MBNA America. One of our executives, long before the days of internet news feeds and automated alerts, made a practice [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of July 23

Jul 27, 2018

WIth a history of risk management failures, Wells Fargo can add another oops to the list - Wells is refunding "tens of millions” of dollars to customers for incorrect account charges. Read the [...]

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Best Practices

UDAAP Best Practices for Vendor Risk Management

Jul 25, 2018

Ever since the creation of the Consumer Financial Protection Bureau (CFPB), Unfair Deceptive or Abusive Acts or Practices (UDAAP) has become a very hot issue in regulatory enforcement. Many have [...]

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Best Practices

What Is Vendor Ongoing Monitoring?

Jul 24, 2018

Ongoing monitoring is one of the pillars of an effective vendor risk management process. All of the major regulatory guidance directs organizations to conduct ongoing monitoring on their vendors, [...]

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Examination Preparation

Four Keys to Managing Third Party Risk

Jul 20, 2018
One of the biggest risks facing the U.S. financial system is third party risk , according to the OCC’s   Semiannual Risk Perspective for Spring 2018   released at the end of May. Banks also cite [...]
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Best Practices

Staying On Top of Vendor Risk Management News: Week of July 16

Jul 20, 2018

In this week's third party risk related news, we've noticed that the need for a robust third party risk management program to combat cyber, financial, operational and reputational risks is still [...]

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Examination Preparation

8 Items to Have Ready For An Examiner's Arrival

Jul 18, 2018

I'm often asked what sort of things a third party risk or compliance manager might be asked to have ready for an examination that's going to touch on third party risk management. Well, there's [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of July 9

Jul 13, 2018

Check out this week's recommended vendor management related news articles. They include updates on PCI issues, more maneuverings at the CFPB, California and New York both weighing in on regulatory [...]

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Best Practices

14 Key Components of an Effective Vendor Risk Management Program

Jul 11, 2018

I’m often asked to discuss what comprises an effective vendor management program. While there are numerous things to consider, below I've listed 14 of the most important elements.

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Best Practices

What Is Vendor Risk Management?

Jul 10, 2018

Vendor risk management (or third party risk management) is defined as a set of activities associated with identifying the risk posed with outsourcing a product or service and then taking all [...]

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Outsourcing

Outsourcing Overseas and Proper Vendor Oversight for a Non-Bank Lender

Jul 10, 2018

If you've elected to leverage the benefits of outsourcing a function to an overseas based partner, it’s important as a vendor manager to ensure that senior leadership is on-board with any [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of July 2

Jul 6, 2018

It seems that we can't go a week without mentioning another major NPPI breach, changes in enforcement actions or issues with regulatory compliance - and that's the case for the week of July 2 as [...]

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Best Practices

3 Reasons to Keep Third Party Risk Management Independent at Your Organization

Jul 4, 2018

We've talked a bit about the classic three lines of defense approach to compliance and risk management. It's an important concept in which the series of walls protect your organization, starting [...]

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Business Continuity / Disaster Recovery

Does Your Critical Vendor Have an Effective BCP Plan?

Jul 3, 2018

Business continuity planning allows for businesses to ensure that their key operations, products and services continue to be delivered either in full or at a predetermined level of availability. [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of June 25

Jun 29, 2018

The need for vendor risk management best practices is at the forefront of the news this week - 60% of industry execs reporting they do not have a comprehensive vendor risk program in place. This [...]

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Regulations

A Walk Through the OCC Vendor Lifecycle

Jun 27, 2018

The OCC’s guidance published in Bulletin 2013-29 set the gold standard for third party relationships. It takes a logical risk-based approach with the goal of protecting your institution from [...]

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Regulations

Vendor Risk Management and the OCC

Jun 26, 2018

As vendor risk management, also known as third party risk management or just vendor management, has become more important, there has been more regulatory guidance from all the major regulators [...]

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Regulations

Vendor Risk Management and the SEC

Jun 26, 2018

Vendor risk management, also known as vendor management and third party risk management, has become much more important in recent years. Regulators, such as the SEC, have released more and more [...]

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Regulations

Vendor Risk Management and the CFPB

Jun 26, 2018

The Consumer Financial Protection Bureau (CFPB) has broad regulatory authority of the financial services industry and reminded everyone of the fact that they also could exercise direct supervisory [...]

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Regulations

Vendor Risk Management and the NCUA

Jun 25, 2018

Vendor risk management or, more specifically, third party risk management has received a great deal of attention over the past decade by all of the major regulators, the NCUA included. We’ve seen [...]

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Regulations

Vendor Risk Management and The Fed

Jun 25, 2018

Vendor risk management or, more specifically, third party risk management has received a great deal of attention over the past decade by all of the major regulators. We have seen a groundswell of [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of June 18

Jun 22, 2018

Read about PayPal acquiring HyperWallet and Blackhawk, what CFOs have to say about their systems and hackers, vetting emerging mobile technologies and more.

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Due Diligence

How Do You Know If a Vendor Is FFIEC Examined?

Jun 19, 2018

The Federal Financial Institutions Examination Council (FFIEC) and the Consumer Financial Protection Bureau (CFPB) both have broad regulatory authority over third party service providers. In fact, [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of June 11

Jun 15, 2018

An analysis and opinion of SEC guidance on cybersecurity, what fintech companies can learn from banks, Mulvaney asks BCFP to consider 20% spending reduction, plus more - read these stories and the [...]

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Risk Assessment

10 Best Practices for Successful Vendor Risk Assessments

Jun 13, 2018

The vendor risk assessment is a very crucial step in the vendor vetting and ongoing monitoring due diligence phases. The assessment will give you a better understanding of the risk posed by each [...]

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Best Practices

Framework of a Third Party Risk Management Program

Jun 12, 2018

Let’s discuss building out a third party risk management program, aka a vendor management or vendor risk management program from the ground up. You’ve joined an organization that lacks any sort of [...]

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Best Practices

OCC Spring 2018 Semiannual Risk Report Affects Third Party Risk Management

Jun 11, 2018

The OCC recently released its semi-annual risk report for the spring of 2018. You can read the full report here.

For anyone who has been following the Office of the Comptroller of the Currency for [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of June 4

Jun 8, 2018

The vast majority of this week's vendor risk related news stories cover regulatory reform and regulatory change. Read below to see which of the regulators continue to move forward with reform and [...]

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Outsourcing

5 Reasons Vendor Management Oversight Can Be Successfully Outsourced

Jun 6, 2018

Learn why vendor management oversight is now recognized as a unique discipline which you can successfully outsourced.

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Outsourcing

3 Reasons to Outsource Your Third Party Risk Management

Jun 6, 2018
When you need assistance with third party risk management, it's a good idea to outsource to a reliable company. We've got 3 particular reasons why you should make the step to outsource. They are:
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Best Practices

Best Practices and Benefits of Engaging the First Line of Vendor Risk Management Defense

Jun 6, 2018

Depending on where you sit within your organization, you may find yourself in 1 of 3 lines of business. In vendor risk management they are considered the 3 lines of defense.

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Best Practices

Vendor Consolidation Doesn’t Limit Risk in Third Party Risk Management

Jun 5, 2018

Consumer data fulfillment services come in all shapes and sizes and include credit reporting firms, appraisal management companies and outsourced underwriting to name but a few. 

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Regulations

Legal Insight: Colorado Enacts Groundbreaking Privacy and Cybersecurity Legislation

Jun 4, 2018
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Best Practices

Staying On Top of Vendor Risk Management News: Week of May 28

Jun 1, 2018

I hope everyone had an enjoyable Memorial Day Weekend! We figured you were out enjoying warm weather with friends and family, barbecuing or taking a dip in the pool, so we put together some of the [...]

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Best Practices

Why Should You Run Vendors Through OFAC?

May 30, 2018

As part of due diligence, you should always check certain foundational items to make sure that you're doing business with a legitimate third party. One often overlooked opportunity is to do an [...]

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Regulations

Non-Bank Lending Is Changing But Vendor Management Principles Are Consistent

May 29, 2018

Fintech adoption will vary but the need to either staff a vendor risk management team with tech savvy expertise or engage the technical lines of business is important, as there is an increase in [...]

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Best Practices

Defining Certain Third Parties as Out of Scope

May 29, 2018

You’ve heard time and time again about requests regarding your inventory of actively managed vendors. Pause and think for a moment about the concept “actively managed vendors” – that means there’s [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of May 21

May 25, 2018

This week in third party and vendor risk related news, we've seen a wide variety of topics. A major financial services company lied to regulators and falsified documents, the CFPB's future [...]

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Best Practices

Ballard Spahr Attorney’s Perspective on Third Party Risk

May 23, 2018

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Regulations

Top Vendor Management Challenges and How to Overcome Them

May 23, 2018

Earlier this year, Venminder released our annual State of Third Party Risk Managementsurvey results. Venminder distributed the survey in mid-November and collected responses through early December [...]

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Best Practices

Altaba Inc/Yahoo SEC Enforcement Action Reminds to Know Vendor Response Plan

May 22, 2018

A few weeks ago, on April 24, 2018, the Securities and Exchange Commission (SEC) fined Altaba, Inc., aka Yahoo, $35 million for a massive data breach that impacted around 50 million users in 2014

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Best Practices

8 Vendor Risk Management Tips for Non-Bank Lenders

May 22, 2018

The CFPB is going to look a lot closer at a lender's vendor oversight program. Some great advice here – don’t try to blind them with how sophisticated you are. Let's go over some simple tips to [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of May 14

May 18, 2018

With GDPR implementation fast approaching, we've seen a spike in related stories. Read below for GDPR in one simple chart, 5 big GDPR impacts, a short 3 minute video on GDPR, along with articles [...]

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Best Practices

3 Vendor Risk Management Items the Examiner Expects to See

May 16, 2018

One of the most difficult parts of third party risk management - or perhaps the most anxiety-laden – is the idea of being exam ready at all times. To do so, one needs to figure out what the [...]

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SOC Reports

Vendor SOC Report Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Best Practices

Effective Vendor Management Policy & Program Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Due Diligence

Proper Vendor Due Diligence Requirements Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Due Diligence

Critical Vendor Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Risk Assessment

Vendor Risk Assessments Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Best Practices

Auditor's Perspective on Third Party Risk Management Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

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Best Practices

The Power of Outsourcing Vendor Risk Management

May 15, 2018

2017 was a year of change in the financial services industry. This includes the OCC proposed Fintech Charter and a changing of the guard within the rank and file of the Consumer Financial [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of May 7

May 11, 2018

Cybersecurity was a hot topic for vendor risk management news this week. A lot of our trusted news sources are writing about the state of cybersecurity in 2018. In addition to cybersecurity, below [...]

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Best Practices

3 Reasons Why and How to Measure Vendor Performance

May 9, 2018

Managing your vendor’s performance is a key aspect of monitoring. After all the hard work that went into contract negotiations and due diligence checks to onboard a new vendor, it would make sense [...]

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Best Practices

We’re a Credit Union - Why Worry About the OCC and FDIC?

May 8, 2018

I was at the NAFCU Conference and talked to quite a few risk managers during the time there. Nearly every one of them said they have had a major change of heart as to how closely they should be [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of April 30

May 4, 2018

We're already in the first week of May - this year has gone by rather quickly. In the first four months of 2018, we've shared the many changes in vendor risk management emerging in the news. BUT, [...]

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Regulations

Data Breaches, State Notification Requirements and Third Parties

May 2, 2018

Data breaches are not a new phenomenon impacting consumers, but based on the increased frequency reported in the media, the volume of reported breach incidents is likely to increase. The risks of [...]

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Regulations

GDPR and Vendor Risk Management

May 1, 2018

The General Data Protection Regulation, or GDPR as it is widely referred as, is taking the compliance world by storm. And not in a good way. The law itself is voluminous with 11 Chapters and 99 [...]

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Best Practices

Third Party Risk in the Eyes of MBA President and CEO David Stevens, CMB

Apr 30, 2018

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of April 23

Apr 27, 2018

The week of April 23 has been a big one for vendor risk related news. Headlines include: CFPB changed their name and confirms consumer complaints are going private, Wells Fargo was slapped with a [...]

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Regulations

Fourth Party Oversight and How to Organize the Effort

Apr 25, 2018

Institutions have a lot to consider when assessing third party risk, but if vendor risk management hasn’t followed the process of understanding the inner workings of their third party vendors, [...]

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Best Practices

Why The Board Needs to be Directly Aware of Cybersecurity Matters

Apr 25, 2018

Hardly a week goes by that we don’t learn of some new major breach, incident or some emerging cybersecurity threat. Think Swift attacks, Equifax or Yahoo. It seems no one is immune from [...]

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Regulations

GDPR: Understanding the Impact on Third Party Risk - Part 2

Apr 24, 2018

Last week we released important information about understanding the impact GDPR has on third party risk. I have even more to tell. In this part 2 we’ll look a little deeper into chapters 2-4 and, [...]

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Best Practices

Staying On Top of Vendor Risk Management News: Week of April 16

Apr 20, 2018

Have you heard - the CFPB could start hiding consumer complaints, Mortgage Bankers Association says cyber crimes are getting nastier and nastier (and they have examples to prove it!) and even the  [...]

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Best Practices

Why Third Party Risk Discussions Belong at Sr Management & Board Meetings

Apr 18, 2018

I know it seems like third party risk management is getting more attention than it needs. I say that having been involved with various facets of vendor management for much of my 28 years in [...]

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Regulations

GDPR: Understanding the Impact on Third Party Risk - Part 1

Apr 17, 2018

A simple Google search on GDPR requirements and GDPR checklists will result in lots of information and free resources. The sheer amount of information available is dizzying to say the least and [...]

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Best Practices

Staying On Top of Vendor Management News: Week of April 9

Apr 13, 2018

This week's third party risk related news stories cover a variety of topics - bank regulatory actions are at a historic low, Congress back in session and perhaps ready to look at regulatory [...]

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Best Practices

Stay Informed: An Important Vendor Risk Best Practice

Apr 11, 2018

Whether you know it or not, you need to be a news-hound in third party risk management. This helps you stay informed and educated. 

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Regulations

 7 Practical Steps to Tackle GDPR Compliance Via Vendor Management

Apr 10, 2018

The EU (European Union) General Data Protection Regulation (GDPR) is considered timely in the sense that all e-commerce is officially in the sights of cyber criminals. Not a day goes by without a [...]

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Best Practices

Staying On Top of Vendor Management News: Week of April 2

Apr 9, 2018

Check out the latest stories in the world of third party risk for the past week - an update on regulatory relief, the compliance costs that are hurting rather than helping consumers, whether or [...]

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Regulations

Fintech, State Regulators and The OCC Fintech Charter

Apr 3, 2018

The term fintech is a broad definition, and I’ve heard that some firms offering software to process a data point for a financial institution, also define themselves as "fintech". In some of these [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Mar 26

Mar 30, 2018

Read below for the FFIEC's opinion on exam modernization, the CFPB teaming up with the FTC,  possible regulatory relief for community banks, fintech companies in Arizona, the FDIC announces [...]

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Risk Assessment

Inherent Risk vs Residual Vendor Risk

Mar 28, 2018

A risk assessment should not include just the inherent risk or residual risk with the vendor. In order to complete a robust assessment, both inherent risk and residual risk levels should be [...]

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Regulations

Facebook, General Data Security Protection (GDPR) and the Case for Stronger Data Protection

Mar 27, 2018

Cambridge Analytica data mined over 50 million subscribed Facebook user's private information. As more details emerge over the questionable activities performed, the fall out continues. 

While we [...]

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Best Practices

Third Party Risk Management - How Does the Vendor Perceive It?

Mar 26, 2018

As part of our Venminder Thought Leadership interview series where we speak to experts in-housing finance and vendor service providers, we recently had the opportunity to sit down with Suresh [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Mar 19

Mar 23, 2018

Read about the latest Wells Fargo enforcement action, what a less aggressive CFPB could mean for Fintech companies, the major third party implications on illegal debt collection, what Regtech is [...]

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Risk Assessment

Critical vs High Risk Vendors – What's the Difference?

Mar 21, 2018

From a best practices perspective, did you know there is a distinct difference between a critical vendor and high risk vendor? It’s common to see these two vendor types grouped as one, however [...]

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Regulations

Momentum Behind Third Party Risk Oversight & Fintech

Mar 20, 2018

There is a good chance that you are reading this article on a tablet or smart phone. Perhaps, you're reading it even while traveling or waiting for your next meeting.

The fact is that we live, [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Mar 12

Mar 16, 2018

While there is not as many shocking news stories this week, there are, however, some interesting bits of news on data breaches, threats to the banking system, perspective from the new OCC head and [...]

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Cybersecurity

4 Important Areas of Vendor Cybersecurity to Understand

Mar 14, 2018

We know your organization is more than likely investing in their cybersecurity program to take precautions and prevent unnecessary breaches, but are your third and fourth party vendors?

It’s [...]

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Regulations

Beneficial Ownership & Panama Papers Link to Third Party Risk

Mar 13, 2018

The heading of this piece may sound like it was ripped from the pages of the latest James Bond adventure. But with recent data breaches, shell companies, pending new regulations on data privacy [...]

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Best Practices

A Former Regulator’s Perspective on Third Party Risk Management

Mar 12, 2018

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Mar 5

Mar 9, 2018
This has been a week with a lot of enforcement action updates. And, overall, some of the most intriguing articles in third party risk from the week are:
  • Wells Fargo is in trouble again
  • SEC hits [...]
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Due Diligence

3 Phases of the Vendor Lifecycle

Mar 7, 2018

Often times I find many people consider the lifecycle of a vendor to begin once the contract is in place and it to end once it’s terminated. Frankly, this is anything but the case. Many more steps [...]

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Regulations

GDPR and The Third Party Risk Management Implications

Mar 6, 2018

Effective May 25, 2018, the General Data Privacy Regulation (GDPR), a European Union (EU) regulation which formally became law in 2016, will bolster data privacy rights for European citizens.

The [...]

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Regulations

Legal Insight: SEC Continues to List Cybersecurity Among OCIE Examination Priorities

Mar 5, 2018

The SEC Office of Compliance Inspections and Examinations (OCIE) has announced its 2018 examination priorities. Unsurprisingly, cybersecurity remains among the key priorities. OCIE has included [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Feb 26

Mar 2, 2018

A lot went on in the world of third party risk management this week - some of the top news stories include:

  • Regulators are cracking down on Fintech and brokerage companies
  • SEC weighs in on [...]
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Risk Assessment

The Troublesome Extra A in UDAAP

Feb 28, 2018

Unfair, Deceptive or Abusive Acts or Practices (UDAAP) is an area of intense focus by regulators at the moment. Since the creation of the Consumer Financial Protection Bureau (CFPB), there has [...]

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Best Practices

First 10 Things a New Vendor Manager at XYZ Mortgage Lender Is To Do

Feb 27, 2018

If you're a new vendor manager, there's a transition period before you're comfortable in your role. We all must start somewhere. So, we've put together a top 10 list of things to do if you're [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Feb 19

Feb 23, 2018

This week in third party risk news, articles cover topics like:

  • Updates with the CFPB
  • Security and fraud cyber attacks cost the U.S. economy how much? The number is astounding!
  • Efforts the U.S. [...]
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Due Diligence

Take Credit for Vendor Management Successes

Feb 21, 2018

One of my most exciting lessons in the world of compliance was that we could actually take credit for doing the job well or for investing in education.

Compliance and third party risk management [...]

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Due Diligence

6 Things to Watch Out for With Your Mortgage Company’s Vendor Management Software

Feb 20, 2018

We’ve covered the benefits of using a software solution for your vendor management processes. Now, let’s talk about what to look out for and consider when selecting your software at your mortgage [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Feb 12

Feb 16, 2018

This week in third party risk management news:

  • Want to voice your opinion on CFPB regulation through enforcement action? Now you can - they're seeking input from the public.
  • Legal analysis of the [...]
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Outsourcing

14 Ways Vendor Management Software and Services Help

Feb 14, 2018

Vendor management and its requirements have grown significantly over the past several years. There is now increased attention to subservice providers (fourth parties) and expectations around [...]

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Best Practices

Managing Vendor Relationships - The good, bad and the ugly

Feb 13, 2018

If we had to summarize vendor management and boil it down from the many descriptions available, we'd use one word: Relationship.

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Best Practices

Staying On Top of Vendor Management News: Week of Feb 5

Feb 9, 2018

What's new in third party risk management this week? Read below to find out the progression of the OCC's proposed Fintech charter, what Mulvaney is doing regarding the CFPB, a possible OCC and [...]

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Risk Assessment

Perspective: The Most Difficult Part of Third Party Risk

Feb 7, 2018

I was asked at a speaking engagement what I felt was the most difficult part of third party risk management. My answer, quite cumbrous, was “all of it”.

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Due Diligence

Mortgage Subservicer Vendor Oversight Best Practices

Feb 6, 2018

Mortgage subservicers offer a unique challenge to third party risk management. Unlike many fulfilment services engaged in the origination process, a subservicer interacts with the consumer for [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Jan 29

Feb 2, 2018

The week of Jan 29 saw some really amazing headlines. The CFPB seeks public input on its processes and enforcement actions, new debt collection rules with third party implications and now they [...]

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Cybersecurity

Vendor Management Takes a Village or At Least a Team

Jan 31, 2018

I will admit I was surprised to learn that even the largest companies may have third party risk sitting on the corner of ONE person’s desk. Worse yet, it is often times just ONE FACET of a busy [...]

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Best Practices

Top 10 Vendor Management Terms That Every Team Should Know

Jan 30, 2018

So, you’ve mastered the terms Business Continuity Planning (BCP) and Disaster Recovery (DR) and have a good understanding of what is needed to manage a sound vendor management program. 

Below is a [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Jan 22

Jan 26, 2018

This week brings all sorts of BIG news from CFPB, OCC and the Federal Reserve affecting third party risk. The new director for the CFPB unleashes some significant changes in process and the OCC [...]

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Best Practices

5 Tricks to Stay Organized In Third Party Risk Management

Jan 24, 2018

One of the things I pride myself on is being highly organized (is it a problem if my socks are arranged alphabetically by color?). In the ever-hectic world of a third party risk manager, you’re [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Jan 15

Jan 19, 2018

Read below for the most important news articles in third party risk for the week of January 15, 2018. There’s lots of articles this week on the challenges in financial institutions – whether it’s [...]

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Best Practices

Board Third Party Risk Management Reporting Essentials

Jan 17, 2018

Regulatory guidance is clear – you must keep your senior management team and the board informed on developments in the third party risk management program, particularly on activities related to [...]

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Outsourcing

How to Raise the Vendor Management Bar

Jan 16, 2018

Vendor management maturity levels vary across the company spectrum. As part of our many in-depth consultations with clients and prospects alike, we find that the staffing, expertise and even the [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Jan 8

Jan 12, 2018

This week in the world of third party risk management, several resources take a stab at 2018 predictions and we again hear about the importance and increased role of of cybersecurity. The concept [...]

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Best Practices

Are You Testing Your Vendor Management Program?

Jan 10, 2018

We all know the importance of getting regular checkups on our health. It’s a great way to proactively address any potential problems before they become a crisis. Well, third party risk management [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Jan 1

Jan 5, 2018

New year, new vendor management news. If this week’s news is any indication, we’re in for a wild and wacky year! 

We’ve got lots more CFPB news (the current head of NCUA may be named as the [...]

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Best Practices

10 Vendor Management New Year’s Resolutions for 2018

Jan 3, 2018

Exercise more, lose a few pounds, adopt a new hobby and spend more time with family and friends are all common New Years Resolutions.

Instead of losing weight for 2018, we've decided to focus on [...]

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Best Practices

Vendor Management 10 Years in the Making

Jan 2, 2018

The maturing landscape of vendor management has been ten years in the making. Take a look at how the third party risk management thought process has changed from 2007 to 2017.

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Best Practices

Staying On Top of Vendor Management News: Week of Dec 25

Dec 29, 2017

It's the last week of the year and the vendor management news hasn't stopped. This week's headlines reflect back on 2017 and outline priorities for 2018. Not surprisingly, enforcement actions, [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Dec 18

Dec 22, 2017

Top stories in vendor management related news for the week of December 18, 2017 include:

  • New York cracks down on data issues following Equifax
  • CFPB is stopping its exams while they figure out how [...]
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Due Diligence

How to Know If Your Vendor Is Naughty or Nice

Dec 20, 2017

He’s making a list, he’s checking it twice, is your vendor naughty or nice? The regulators are comin’ to town… 

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Due Diligence

The Need for Proper Oversight of Closing Agent Vendors

Dec 19, 2017

When reviewing your vendor list at your mortgage company, do you pay close attention to your closing agent vendors? If not, you need to ensure you’re doing proper oversight going forward.

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Best Practices

Staying On Top of Vendor Management News: Week of Dec 11

Dec 15, 2017

We've collected vendor management news articles from the past week starting with December 11, 2017. A few top ones are:

  • 3 things to consider in vendor risk management
  • An update on the battle over [...]
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Best Practices

Staying On Top of Vendor Management News: Week of Dec 4

Dec 8, 2017

This week in the world of vendor management was all about the changes in the regulators’ leadership and the ongoing power struggle at the CFPB, with a side order of data breach and proposed [...]

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Examination Preparation

6 Reasons to Follow Up on Vendor Management Exam Items

Dec 6, 2017

At the conclusion of any examination or audit, there are always some open items. No one truly enjoys having a detailed re-hashing of areas of concern, but it’s an important conversation to have.

[...]

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Due Diligence

The Relationship Between Vendor Oversight and Complaint Management

Dec 5, 2017

Complaint management plays a vital part in delivering a great customer service experience. But when it comes to vendor oversight, the initial complaint issue can have a lasting perception of the [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Nov 27

Dec 1, 2017

This week’s vendor management news is dominated by the change in the leadership at the CFPB, UDAAP action and a new head at the OCC. Check out more of the important third party risk related news [...]

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Contract Management

Consider These 5 Items When Entering Into a Vendor Contract

Nov 29, 2017

I’m often asked about termination clauses in contracts. Unfortunately, if you’re in the middle of an existing contract and decide you “want out”, your options may be limited, depending on how much [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Nov 20

Nov 24, 2017

Third party risk news for the fourth week of November brought us some interesting headlines - here's what to expect in this week's Staying On Top of Vendor Management News:

  • If you haven't heard [...]
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Best Practices

15 Reasons To Be Thankful for Good Vendor Management

Nov 22, 2017

We’re thankful for our company, our customers and our ever-growing set of products and services. As we pause to spend Thanksgiving time with our families and friends, we thought it would be a good [...]

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Risk Assessment

Varying Levels of Expertise in Vendor Oversight

Nov 21, 2017

If an organization isn’t truly onboard with vendor management, they allocate team members that lack vendor management experience. Unfortunately, this is not surprising. So, there are a variety of [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Nov 13

Nov 17, 2017

Some weeks there’s lots of news; some weeks there’s big news – this week, there’s simply lots and lots of big news.

Let’s look at some of the massive headlines:

  • The CFPB director is stepping [...]
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Examination Preparation

What Will Examiners Ask Related to Vendor Risk Management?

Nov 15, 2017

A common question we hear is “How do we know what the examiners will ask related to vendor risk management?” It’s one that does not lend itself to an exact and easy answer. However, there are many [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Nov 6

Nov 10, 2017

This week once again reminds us that keeping up with third party risk management news is a very important best practice. Here are some of the top stories:

  • An exerpt from Chairman Hensarling's [...]
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Cybersecurity

10 Vendor Cybersecurity Tips

Nov 8, 2017

As part of your vendor due diligence, you should be spending time on cybersecurity. To help you out, I've got 10 tips

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Due Diligence

10 Best Practices for Lead Generation Vendor Oversight

Nov 7, 2017

Many states require lead generators to hold a mortgage broker license in some shape or form on the NMLS (Nationwide Multistate Licensing System/Nationwide Mortgage Licensing System and Registry). [...]

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Best Practices

Staying On Top of Vendor Management News: Week of October 30

Nov 3, 2017

In light of Halloween, we've got some spooky third party risk management news to share with you this week.

  • Back from the dead - first national bank charter approved since the financial crisis
  • [...]
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Best Practices

Avoid These 7 Vendor Management Nightmares

Nov 1, 2017

Vendor management doesn't always go smoothly and sometimes can get quite frightening. So, in the spirit of Halloween, I have 7 vendor management nightmares to share with you. Ensure you take the [...]

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Best Practices

Staying On Top of Vendor Management News: Week of October 23

Oct 27, 2017

Fortunately, there hasn't been anything too crazy happening in the world of third party risk this past week. There are still some good articles to read though to keep you updated! Check them out [...]

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Due Diligence

3 Ways to Use Law Firms to Help With Third Party Risk Management

Oct 25, 2017

"The first thing we do, let's kill all the lawyers" is a well known quote from Shakespeare’s Henry VI Part 2.  I was an English major, so I read a lot of Shakespeare and I don’t particularly agree [...]

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Outsourcing

How Vendor Management Software Helps Your Mortgage Company

Oct 24, 2017

Software, that is not only well-designed but created by experienced vendor risk management professionals, will help you streamline your operation. 

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Best Practices

Staying On Top of Vendor Management News: Week of October 16

Oct 20, 2017

Third party risk news for the week of October 16 that you need to know:

  • Oversight on FinTech companies is tightening up
  • Are you a smaller bank? You might be experiencing higher regulatory costs [...]
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Regulations

OCC Released 2018 exam priorities: NR 2017-113

Oct 18, 2017

On September 28, 2017, the Office of the Comptroller of the Currency (OCC) released BankFiscal Year 2018 Bank Supervision Operating Plan, aka, NR 2017-113. Thanks for the acronym fun… but what [...]

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Best Practices

Staying On Top of Vendor Management News: Week of October 9

Oct 13, 2017

Learn what's new in vendor risk management from the week of October 9 - there have been some real eye openers. We've put together a list of resources that cover a variety of important topics, [...]

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Cybersecurity

Include Vendor Cybersecurity into Your Cybersecurity Plans

Oct 11, 2017

October being National Cybersecurity Awareness Month reminds us to take a look at vendor cybersecurity.

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Examination Preparation

Prove It or Lose It! Update Your Vendor Management Policies and Procedures

Oct 10, 2017

If like me, you have had the opportunity to be examined by a regulator and survived, you’ll recognize the need to supply a copy of your vendor management policy and procedure documentation. The [...]

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Best Practices

Staying On Top of Vendor Management News: Week of October 2

Oct 6, 2017

Learn what's new in vendor risk management from the week of October 2. We've put together a list of resources to check out. 

It’s been an interesting week  topics include:

  • OCC dangles idea of [...]
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Due Diligence

Who Is a Critical Vendor?

Oct 4, 2017

Your third parties should be ranked as Critical or Non-Critical for business disruption and ranked High, Medium or Low on all regulatory items.

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Best Practices

Staying on Top of Vendor Management News: Week of Sept 25

Sep 29, 2017

This week in third party risk news, we are reminded of the importance of proper due diligence, reputation risk, examination preparedness and more vendor management best practices. Read the [...]

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Best Practices

There's Still Time to Achieve Your 2017 Vendor Management Goals

Sep 26, 2017

If the thought of planning in January for your 2017 vendor management goals feels like a distant memory, you’re probably not on your own. Like any news year's resolution, the initial goal is new [...]

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Best Practices

Staying on Top of Vendor Management News: Week of Sept 18

Sep 22, 2017

Headlines in third party risk from this past week, the week of September 18, covered a variety of mishaps from which we can all learn. Read the articles below for how you can avoid issues with [...]

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Due Diligence

It's Apple Pay Contract Renewal Time - Important Considerations

Sep 20, 2017

As you may have seen this week in the news, the first of the Apple Pay contracts are up for renewal; if you haven’t seen it, here’s a handy link to the article

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Best Practices

Staying on Top of Vendor Management News: Week of Sept 11

Sep 15, 2017

Keeping up with the latest news in third party risk is important for your vendor management program. This past week - week of September 11 - has been especially eventful. Make sure to check out [...]

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Due Diligence

Why Do Vendors Incorporate in Delaware?

Sep 13, 2017

If you’ve done much due diligence work, you’ve certainly noticed that many vendors incorporate here in Delaware (well, technically, I live in southeastern Pennsylvania but have worked for most of [...]

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Best Practices

Mortgage Companies: Know Your Vendor's Leadership - It Affects Culture and Compliance

Sep 12, 2017

If you're an established financial institution, you're probably using third party vendors to fulfill several functions to gain efficiencies and market advantages. After the contract has been [...]

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Cybersecurity

Equifax Breach Proves Importance of Cybersecurity & Vendor Oversight

Sep 8, 2017

On September 7th at around 4 pm, reports came out in the media that one of the three national credit reporting agencies – Equifax – had disclosed a large data breach. Estimates so far is that it [...]

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Best Practices

Staying on Top of Vendor Management News: Week of Sept 4

Sep 8, 2017

Keep up with the latest news in third party risk. We've put together a list of resources for the week of September 4 to help keep you updated.  

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Best Practices

Third Party Risk Management Advice: What I Would Share with 20 Year Younger Me

Sep 6, 2017

I’ve seen on Facebook and Twitter those amusing things where you list what you wish you could tell yourself 20 years ago, i.e., sharing the benefit of experience with a less experienced YOU. 

[...]

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Best Practices

Review Vendor Management News

Aug 30, 2017

If you’re like me, you receive dozens of emails – perhaps hundreds of tweets – from various news feeds. It’s easy to lose track of them all but it's important to at least glance through them. 

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Outsourcing

3 Reasons Your Mortgage Co Should Replace Excel with Vendor Management Software

Aug 29, 2017

Vendor Management has become an art, a science and has metamorphized into a discipline which addresses multiple aspects covering reputation, credit, operational and financial risk.  

You really do [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Aug 21

Aug 25, 2017

Here's a list of important vendor risk management articles from this week - week of August 21, 2017.

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Best Practices

An Ounce of Third Party Risk Management Prevention

Aug 23, 2017

There is an old saying that goes, “an ounce of prevention is worth a pound of cure” Meaning the cheapest way to fix a problem is often to simply prevent it from occurring. Perhaps there is no [...]

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Best Practices

Staying On Top of Vendor Management News: Week of Aug 14