In today’s world of outsourced, hosted and cloud environments it’s essential to understand the preparedness of your vendors when the unexpected happens. And the more critical the vendor, the more critical your assessment becomes to adequately managing operational risk.
There’s no doubt you have your own Business Continuity and Disaster Recovery plan. However, since you are likely joined at the hip with more than a few vendors, their preparedness should meet or exceed your own plan. And don’t forget to coordinate your plans with their plans. When a problem strikes, everyone needs to be rowing in the same direction… together.
Our CISSPs will look for
Our BCP analysis is performed by our on staff highly qualified CISSPs.
You must ensure that your vendor has all of the right plans in place should disaster strike. Independent expert analysis can help identify potential gaps before they disrupt your business or impact your customer.
According to the recent Appendix J guidance released by the FFIEC, “as part of its due diligence, a financial institution should assess the effectiveness of a TSP’s (third party service provider’s) business continuity program, with particular emphasis on recovery capabilities and capacity. Furthermore, the financial institution should review the TSP’s BCP program and its alignment with the financial institution’s own program, including an evaluation of the TSP’s BCP testing strategy and results to ensure they meet the financial institution’s requirements and promote resilience.”
In today’s world of increased outsourced risk and heightened regulatory scrutiny, third party risk management is outgrowing the capacity of existing resources at most financial institutions.
The internet of things along with the rapid movement to the cloud necessitates a whole new set of qualifications when assessing vendor risk. Additionally, the sheer volume of assessments, documentation and reporting that is required on all levels of third parties requires an efficient and organized system to properly manage it all.
The perfect solution combines the qualified experts with a robust software platform to ensure your third party risk program meets regulatory requirements and produces excellent exam results. That is what Venminder delivers!
Download a sample of our BCP analysis. Click here.