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Stay up-to-date by reading useful articles from industry thought leaders who tackle common challenges and discuss current or proposed industry regulations.

  • Stay up-to-date on the latest vendor management news happening this month. Check out the articles below to stay in the know.
  • Your vendor contract is an invaluable tool for protecting your organization against the various risks that your third parties pose. However, for many, the terminology, language, and nuance within a contract can be confusing, which makes the review and approval process difficult to navigate.
  • It’s a scenario we see all too often. After signing a contract, an organization falls into complacency and fails to monitor or manage its vendors' performance. As a result, the organization is exposed to new and changing risks.
  • Vendor compliance plays a huge role in the success or failure of your third-party risk management process. In essence, if your vendor has compliance problems, so too does your organization, especially in the eyes of an auditor or regulatory examiner. However, the term "compliance" is used broadly to cover different concepts. Let's take a closer look at the different types of vendor compliance and the risks associated with each.
  • Third-party risk management begins with assessing vendors and understanding their risks. Vendor risk profiling is a great way to manage your third-party vendors and the risks they pose.
  • Third-party risk management entails multiple interrelated processes and requirements, typically requiring several stakeholders' involvement. After all, no single individual can handle the escalating demands of a third-party risk management program alone. But, who actually owns third-party risk management? It may seem like a complex question, but it can be answered when roles and responsibilities are defined and understood.
  • For many organizations, third-party risk management (TPRM) software is a great investment as it helps make the many tasks and demands of an effective third-party risk management program possible. TPRM software offers a wide range of benefits, from streamlining your document collection and review process to aiding contract management and creating a more efficient storage process for all vendor-related documents and information.
  • Whenever you obtain a product or service from a third party, you expose your organization and your customers to what is known as third-party risk. The specific types and amounts of risk present in a third-party engagement will vary greatly depending on the product or service. Identifying and understanding these risks is the first step in managing them.
  • The risks associated with third-party relationships seem to increase every year. 2022 was no exception, as cyberattacks soared, supply chain interruptions continued, and many businesses faced economic uncertainty. Despite the risks, relying on third parties' products and services remains a key strategy for many organizations, which makes third-party risk management more important than ever as we head into 2023.
  • Stay up-to-date on the latest vendor management news happening this month. Check out the articles below to stay in the know.
  • In retrospect, 2022 has been a busy year for third-party risk management (TPRM) professionals. While cyberattacks on organizations of all sizes have skyrocketed, a high degree of geopolitical risk has also emerged, leading to new government sanctions and strict regulations to prevent human rights abuses, such as the Uyghur Forced Labor Prevention Act . Businesses everywhere must handle other challenges including prolonged supply chain interruptions, labor shortages, and the work-from-home debate. As if that wasn’t enough, business continuity and vendor financial health continue to be major third-party risk management concerns.
  • Outsourcing products or services to a third party can threaten your organizations and customers’ data privacy. This is because when you give a third-party vendor access to your information, like confidential data, it opens the door for cybersecurity risk. If your third party’s information security isn’t sufficient and they’re hacked, it can have a ripple effect on your own organization.
  • Over the past several years, there has been an increase in the complexity of vendor risk management and its requirements. Vendor risk management teams must pay attention to new factors such as subservice organizations (fourth parties), regulatory updates, supply chain interruptions, and more rigorous due diligence expectations required to meet basic expectations and best practices.
  • As we’ve seen over the past several years, cyberattacks are on the rise and pose serious threats to organizations of all sizes and industries. Knowing this, it’s important to prioritize information security to ensure the safety of your customers’ confidential information, your organization’s sensitive data, and your reputation. Successful cyberattacks , from third-party data breaches to phishing campaigns, can lead to detrimental consequences for your organization including a tarnished reputation, legal action, fines, and operational issues.
  • Each year, the OCC publishes its supervisory priorities for the next fiscal year in the annual Bank Supervision Operating Plan. All national banks should take the time to understand these priorities, as they apply equally to large, mid-sized, and community banks. It’s also worth noting that the OCC’s plan often reflects the priorities of other state and federal bank regulators and it can also be a useful guide for non-OCC institutions.