A vendor management solution is more than a repository for contracts. It’s a system for reducing risk, ensuring compliance, and increasing efficiency across the enterprise by uncovering insights into third-party vendor relationships at every level of the vendor management lifecycle. When properly constructed, a vendor management software solution organizes existing processes and documentation while showing how vendor relationships and
MorePosts Tagged: third-party vendors
Vendor Employees Gone Wild: Structuring Vendor Contracts to Guard Against Rogue Insiders & Cyber Threats
Capital One and its credit card applicants and customers are not having a good week. On Tuesday the Virginia-based bank announced that a former Amazon Web Services employee hacked into one of its databases and accessed the data of 100 million Americans and 6 million Canadians, which includes names, addresses, zip codes/postal codes, phone numbers,
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The Risk Management/HR Connection
How often do you engage with human resources (HR)? Risk managers may not give a lot of thought to HR, but they should. According to COSO and its industry leading ERM framework (Enterprise Risk Management – Integrating Strategy and Performance), attracting, developing, and retaining capable individuals is a key element of governance and culture. Why does
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Hate Illegal Telemarketing Calls? So Does the FDIC.
Have you ever felt like there isn’t being enough done to enforce the Do Not Call List? Between spoofed robo-dialing and other unwanted calls, picking up your home phone barely feels worth the effort. It’s the audio equivalent of a mailbox full of advertising flyers. The good news is at least one agency is taking
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Another Vendor Behaving Badly: Failed Vendor Management Results in $236K+ Consent Order
How much do you think it would cost a mortgage servicer to conduct vendor due diligence and monitoring to ensure it’s properly managing customer documents? You may not know the exact figure, but I can tell you how much it costs when a mortgage servicer doesn’t bother to do it. It’s $200,000 in penalties and
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Frequently Asked Questions About Cyber Monitoring
Vendor cybersecurity monitoring provides real-time data on vendors’ cybersecurity by collecting and assessing publicly available information. It detects threats and vulnerabilities before they are exploited so that action can be taken to prevent breaches. Cybersecurity ratings can: Uncover and address cybersecurity issues that need to be resolved before they are exploited. Identify third-party vendors that
MoreNot One & Done: Making the Case for Continuous Monitoring for Third-Party Cyber Risk
This whitepaper explores how real-time cyber monitoring complements due diligence via third-party reports for more robust cybersecurity awareness and how FIs can effectively implement cyber monitoring solutions.
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What to Do When You’re Worried About Your Vendor’s Finances
No one knows when the next downturn is coming. The only thing we can do is to assume one will come sooner or later and put plans in place to mitigate the risk. Chances are your institution’s balance sheet is as prepared as it can be for economic disruptions. That’s the very nature of banking.
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