Prevalent - Third-Party Risk Management’s Post

Effectively managing inherent and residual third-party risks is essential for organizations aiming to thrive in an increasingly interconnected business environment. Understanding their significance is crucial as they provide the foundation for a durable TPRM program. Join John Masserini, Founder & Managing Partner of SentiCon Security, on August 21 as he leverages his expertise as a former CISO to explore the role of inherent and residual third-party risks and provides best practices for assessing these risks in your TPRM program. https://buff.ly/3AdCBpN In this webinar, John will: 🔎 Identify the most important criteria to assess vendors on to calculate a comprehensive inherent risk score 📐 Describe the steps involved in tiering and categorizing suppliers based on their inherent risk 🖊️ Define different risk appetites, which can inform whether risks are accepted or remediated with compensating controls 📈 Explain the most essential controls for vendors to implement to improve residual risk scores over time Register now for this webinar to learn how your team can navigate the complex landscape of third-party relationships with confidence and resilience. #TPRM #VendorRisk #RiskManagement

When it comes to supply chain security, three NIST publications are of particular importance: SP 800-53, SP 800-161, and the Cybersecurity Framework (CSF). We created this three-part guide for TPRM practitioners whose organizations align with the NIST framework. https://buff.ly/3SBf34r Download it now to navigate topics including: 🚚 How NIST SP 800-53, SP 800-161 & CSF address supply chain risk management (SCRM) 🏗️ Where key NIST publications overlap across common SCRM topics 🗺️ TPRM practices map to NIST summary guidelines ⚡ What TPRM solution capabilities will help you adhere to specific NIST requirements #TPRM #VendorRisk #RiskManagement #NIST

In response to increasing cyberattacks, the EU introduced registration to strengthen financial entities' IT security, including provisions for third parties. The Digital Operational Resilience Act (DORA) was created to ensure operational resilience for the European financial sector. It sets uniform network and IT security requirements, including vendors and other third parties that provide critical services to organizations in this sector, and compliance is expected by January 17, 2025. https://buff.ly/3YzLqEl Broadly speaking, nine articles identified in Chapter V of the DORA address third-party business resilience. They address considerations such as: ⚡ Concentration risk ⚡ Key contractual provisions ⚡ Designation of critical third parties ⚡ Oversight frameworks ⚡ Oversight and other general principals #TPRM #VendorRisk #RiskManagement #DORA 💶

The Payment Card Industry Data Security Standard (PCI DSS) aims to improve credit, debit, and cash card transaction security. Managing TPRM has become a top priority under the new guidelines in version 2.0. Brad Hibbert shared his expertise with Security Boulevard to outline ways businesses manage third-party risk in a way that's compliant with PCI DSS 4.0. https://lnkd.in/gi4Avhk8 #TPRM #VendorRisk #RiskManagement #PCI

📝 Conducting a single IT security audit involves reviewing thousands of documents and internal controls, demanding significant time and resources from numerous stakeholders. Extending audits to third-party vendors multiplies that requirement exponentially, and it's further complicated by an increasingly complex, unclear, and sometimes overlapping regulatory landscape. We created this quick-start guide to help you overcome the complexities of IT security control audits. https://buff.ly/3AiyEzR In this guide, you'll learn: ⚡ The 5 essential steps to kickstart your program 🖥️ Empower your IT security teams with proven recommendations 📐 Efficiently align compliance across multiple frameworks #TPRM #VendorRisk #RiskManagement #Compliance

One of the biggest trends in TPRM is adopting a risk-based strategy for approaches to due diligence and managing various types of third parties. So, where do you start? Join expert Samira Duijnmayer on August 15 as she leverages her experience to share insights on how robust due diligence processes can serve as the backbone of effective TPRM programs. https://buff.ly/3Yr2Oeg In this webinar, Samira will discuss: ⚡ The importance of risk-based due diligence ⚡ The minimum requirements for due diligence ⚡ Activities applicable to high-risk third parties ⚡ Tips and best practices for managing third parties ⚡ Tactics to educate, manage, and mitigate fourth and Nth-party risk Whether you are a compliance officer, risk manager, or procurement specialist, this webinar will equip you with the knowledge and tools needed to implement a risk-based approach to third-party due diligence. #TPRM #VendorRisk #RiskManagement #DueDiligence

Understanding the impact of industry and government regulations on your supply chain is essential for reducing risk to your business and providing assurance to your customers. While companies have been subject to information security and data privacy regulations for years, several mandates have recently evolved to increase their focus on supplier relationships. At the same time, we're seeing the introduction of ESG compliance requirements with significant implications for supply chains.  https://buff.ly/4dm3Nkn Three principal types of compliance requirements apply to third-party suppliers: 💻 Information security requirements, such as HIPAA and CMMC 🌍 ESG compliance requirements, such as the UK Modern Slavery Act and the EU Corporate Due Diligence Directive 🛡️ Data privacy requirements, such as GDPR and CCPA Today's third-party risk environment is complex and constantly evolving. Your supplier risk management program should, therefore, be able to meet regulatory compliance requirements and ensure business resilience throughout your supply chain. #TPRM #VendorRisk #SRM #Compliance

Having a third-party response plan in place before an incident occurs will help your organization stay resilient in the face of growing cybersecurity threats – and the first step in your plan is to understand who your vendors are. In this on-demand webinar, Bob Wilkinson guides you through efficiently building a vendor inventory as a foundation for your third-party incident response plan. Check the comments for the link to the full webinar! 🔗 #TPRM #VendorRisk #RiskManagement #IncidentResponse

💼 Organizational changes such as mergers, acquisitions, and divestitures introduce complexity and fragmentation into corporate structures. These transformations often involve onboarding and offboarding vast networks of third-party vendors, subcontractors, suppliers, and other parties, each bringing potential unknown risks that could adversely impact business operations. TPRM acts as a critical source of intelligence in these scenarios. A robust TPRM program helps identify and assess risks associated with third parties and implements strategies to mitigate those risks during transitional processes, safeguarding your organization's business operations. https://buff.ly/4d0H4ua Understanding the context of a business transition is key to addressing third-party risk appropriately and setting your team up for success. This enables teams to train for and anticipate different scenarios that may arise. It also provides insights amidst heightened uncertainty, helping teams understand potential impacts on operational processes. There are three universal best practices to consider when creating a TPRM process tailored to your team's needs. These recommendations serve as the foundation for managing and mitigating potential risks during all types of business transitions: 1. Establish key stakeholder relationships 🤝 2. Maintain a holistic view of third-party risk 🔭 3. Build an extended supply chain inventory 📇 A proactive approach helps spot potential risks and facilitates more effective management of future business transitions. This creates a more resilient supply chain capable of adapting to new business scenarios, ensuring your supply chain supports rather than hinders your strategic goals. #TPRM #VendorRisk #RiskManagement