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Dec 31, 1969 by

Risk Assessment

Who Is a Critical Vendor?

Jul 7, 2020

When it comes to third-party risk management, we cannot overstate how important it is to understand who your critical vendors are. For better or worse, they can have a significant impact on your [...]

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Risk Assessment

6 Phases of Conducting a Vendor Risk Assessment

May 13, 2020

There’s no way around it. Risk assessments are work. There are a lot of moving parts and a lot of pieces of information to take into consideration. Like much of life today, it’s good to take a [...]

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Risk Assessment

Does COVID-19 Spark Vendor Risk Assessment Updates?

Apr 20, 2020

The short answer is, if you’re doing everything right, it shouldn’t. A good risk management program should already tell you what areas of your organization are most vulnerable to risk. However, [...]

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Risk Assessment

10 Best Practices of Successful Vendor Risk Assessments

Apr 14, 2020

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

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Risk Assessment

Assessing Vendor Risk: What You Need to Know

Mar 11, 2020

Assessing vendor risk in a complete manner can be a herculean task but is well worth the time investment. Assessing vendor risk keeps you, your organization, customers and stakeholders safe and [...]

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Risk Assessment

Vendor Concentration Risk: The Pros and Cons

Feb 26, 2020

Vendor concentration risk is the risk which may occur when an organization relies too heavily on one vendor to perform several, if not all, critical and/or high-risk functions for their operation. [...]

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Risk Assessment

How to Understand Strategic Vendor Risk

Feb 19, 2020

Strategic risk may sound like a rather simple concept, but it’s often overlooked or diminished in preparing a risk assessment. Trust me, it’s one you need to focus squarely on. In fact, it’s the [...]

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Risk Assessment

5 Essential Components of a Vendor Risk Assessment

Feb 4, 2020

If you’ve worked in third-party risk management for any period of time, you’ve certainly been asked, “Have you done a risk assessment?” It’s a question asked so many times that it has probably [...]

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Risk Assessment

What Is a Third Party Risk Assessment?

Jan 8, 2020

A third party risk assessment is an attempt to quantify the risk associated with a third party vendor thatll be providing a product or service to your organization. Sometimes referred to as  [...]

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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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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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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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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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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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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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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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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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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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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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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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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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Risk Assessment

Different Perspectives of Third Party Risk Management

Aug 16, 2017

The optimist sees the glass as half full; the pessimist sees the glass as half empty; the engineer sees a waste of too much glass; the compliance officer sees it as potential shattering and [...]

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Risk Assessment

Third Party Issues Hidden In Plain Sight

May 31, 2017

In the story, “The Purloined Letter” by Edgar Allan Poe, one of the key themes was thatthe most obvious things are often hidden in plain sight – we just manage not to see them. The same is true of

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Risk Assessment

Why Must I Risk Rate EVERY Vendor?

Apr 19, 2017

There's a question I get asked often - "Why must I risk rate EVERY one of my vendors?" Many times at conferences and in follow up to webinars, this is a popular question, because I think it drives [...]

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Risk Assessment

Am I supposed to risk rate EVERY vendor?

Nov 9, 2016

The simple answer is “yes”. If they fall within the scope of your third party risk management program – and remember, your scope should be well documented on who is included and, just as [...]

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Information Security

The ADP breach is a good reminder to always be on the lookout!

May 4, 2016

You may have seen the news, reported in Krebs On Security and elsewhere, that payroll processing giant, ADP, was compromised by identity thieves, resulting in the loss of tax and salary data. 

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