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Vendor Risk Management Best Practices

Audit Board

The importance of robust vendor risk management, or “VRM”, practices has been illustrated by a number of cyberattacks and data breaches that have originated from vendors and gone on to significantly impact the organizations using their services. What is Vendor Risk?

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Managing Complaints: The Role of the Three Lines of Defense

N Contracts

Complaint management requires direct communication, but that’s easier said than done. Departments are named after the specific set of tasks they focus on (compliance, risk, vendor management, lending, or customer service). Most financial institutions are siloed.

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Top Takeaways From the Digital Risk Maturity Report 2022

Audit Board

Digital risk has become one of the fastest-growing, most pervasive risks in any organization. Gartner defines “ digital risk ” as the set of risks inherent in digital products, services, and supporting processes. Meanwhile, only 18% of respondents place ownership of digital risk with business management.

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AuditBoard Launches Third-Party Risk Management Solution, Empowering Enterprises to Tackle IT Vendor Risk at Scale

Audit Board

Solution streamlines the assessment, monitoring, and remediation of third-party risk for information security, compliance, and risk teams. In this new era of dynamic digital risk, third-party breaches are now estimated to cost U.S. companies an average of $9.5 million per incident. .

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Enterprise TPRM Leaders Specify Third-Party Risk as a Critical Priority

Audit Board

With third-party breaches continuing to escalate in velocity and impact, it’s no longer enough to secure internal assets; organizations must be doubly sure any sanctioned entity with network permissions does not become an unwitting conduit for malicious activity.

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Murky Visibility Across the Supply Chain: How Organizations Are Overcoming TPRM Roadblocks

Audit Board

Respondents from CyberRisk Alliance Business Intelligence’s November 2022 Third-Party Risk Survey believe third parties are increasingly the cause of IT security incidents, while some think they have been the primary source of attacks in the past two years.

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Managing Third-Party Relationships: Effective Approaches to TPRM Risk and Compliance

Audit Board

SolarWinds, Log4j, Kaseya: All are security incidents that have been in the headlines over the past several years; all are security incidents that resulted from third-party breaches. The frequency and severity of third-party breaches are on the rise: 90% of organizations were impacted by a supply chain cybersecurity breach in 2022.