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Dec 31, 1969 by

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

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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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

9 Regulatory Risk Types Involved in a Vendor Risk Assessment

Dec 27, 2017

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.

So, let’s narrow the focus and go [...]

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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

Pros and Cons of Vendor Concentration Risk

Aug 1, 2017

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

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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

Criticality and Risk Rating Vendors

May 9, 2017

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

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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