How to Identify and Reduce the Risks of 3rd Party Vendors
In a landscape filled with new threats and regulations managing the risks of 3rd party vendors is vitally important. Most financial institutions have tens of thousands of supplier relationships, and many data breaches originate through IT Vendors within the supply chain. Compounding this dilemma, regulators including OIG, OCC, FFIEC and others are increasing their focus on potential 3rd party risks. They want to see organizations proactively identifying potential risks, verifying that business partners providers and their employees are compliant, monitoring for changes that might create new risks or compliance gaps, and managing the investigation and remediation of incidents.
During this webcast our panel will specifically address the practical ‘how to’s’ around identifying and reducing the risks of 3rd party vendors, and we will focus on:
- Typical risks resulting from third party relationships
- Common deficiencies of vendor management practices used during the on-boarding process, and the life of the relationship
- Moving from a reactive to a proactive (preventative) vendor management process
- Real world examples will be used to illustrate the key points and recommendations
In a landscape filled with new threats and regulations managing the risks of 3rd party vendors is vitally important. Most financial institutions have tens of thousands of supplier relationships, and many data breaches originate through IT Vendors within the supply chain. Compounding this dilemma, regulators including OIG, OCC, FFIEC and others are increasing their focus on potential 3rd party risks. They want to see organizations proactively identifying potential risks, verifying that business partners providers and their employees are compliant, monitoring for changes that might create new risks or compliance gaps, and managing the investigation and remediation of incidents.
During this webcast our panel will specifically address the practical ‘how to’s’ around identifying and reducing the risks of 3rd party vendors, and we will focus on:
– Typical risks resulting from third party relationships
– Common deficiencies of vendor management practices used during the on-boarding process, and the life of the relationship
– Moving from a reactive to a proactive (preventative) vendor management process
– Real world examples will be used to illustrate the key points and recommendations
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