A 5-Step Process to Vendor Issue Management
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1w ago
Relationships are imperfect, and sooner or later, issues will need to be resolved. Maybe you have plenty of experience resolving issues successfully within friendship, marriage, and family, but what about issues in your vendor relationships ..read more
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Interagency Guidance Third-Party Risk Management Lifecycle Walkthrough
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1w ago
Three federal agencies have traditionally set the standard for effective third-party risk management. These agencies are the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC). The agencies have most notably published the Interagency Guidance on Third-Party Relationships: Risk Management. The guidance includes a simple lifecycle graphic lifecycle, with an extensive description of each component to guide third-party engagements ..read more
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How to Set a Risk Appetite Framework for Third-Party Relationships
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2w ago
Have you heard the terms “risk appetite framework” or “risk appetite statement,” but aren’t sure what they are or how they relate to third-party risk management? In this blog, we’ll explore exactly what a risk appetite is, how it’s developed through a risk appetite framework, and the purpose of a third-party risk appetite statement ..read more
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February 2024 Vendor Management News
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3w ago
Stay up-to-date on the latest vendor risk management news happening this month. Check out the articles below ..read more
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NCUA’s 2024 Supervisory Priorities Third-Party Risk Considerations
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3w ago
Supervisory priorities from regulators such as the National Credit Union Administration (NCUA), U.S. Securities and Exchange Commission (SEC), and Office of the Comptroller of the Currency (OCC) are generally influenced by the previous year’s events, with considerations for new risks and the current economic environment. The NCUA’s 2024 Supervisory Priorities appear almost identical to last year’s list, with two notable exceptions – the exclusion of fraud prevention and detection and the inclusion of third parties under Information Security (Cybersecurity ..read more
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Creating a Culture of Compliance for Third-Party Risk Management
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1M ago
The beginning of the year is a great opportunity to reflect on lessons learned in the past year and set some new goals for your organization’s third-party risk management (TPRM) program. In addition to strategic or financial goals, you may also want to consider how to create a culture of compliance for both your organization and its third parties. This essentially means to create an environment where your organization and its third parties are consistently following all policies, rules, and regulations ..read more
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NYDFS Cybersecurity Regulation Amendment: Focus on Third-Party Risk
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1M ago
In 2017, New York released a comprehensive cybersecurity regulation called NYCRR 500 to address growing concerns over increasing cyberattacks and data breaches. Since then, the New York State Department of Financial Services (NYDFS) has amended this regulation to address the increasing complexity and cost of cyber threats that impact organizations and their third parties ..read more
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January 2024 Vendor Management News
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1M ago
Stay up-to-date on the latest vendor risk management news happening this month. Check out the articles below ..read more
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Third-Party Risk Management Best Practices for 2024
Venminder
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1M ago
As we begin a new year, it’s an excellent opportunity to reflect on the past and make important decisions for the future, especially for your third-party risk management program. Every year, new and emerging third-party risks arise, and we learn valuable lessons that help us improve and mature our programs ..read more
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5 Key Essentials for Vendor Management Day-to-Day Tasks
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1M ago
Vendor management is a complex and multifaceted practice that involves a wide range of activities. For vendor managers, a “typical day” doesn’t exist. On any given day, a vendor manager may need to oversee contract negotiations, review vendor performance metrics, coordinate with internal stakeholders, and ensure compliance with regulatory requirements. Additionally, they may need to identify and onboard new vendors, evaluate vendor risk, and develop strategies to optimize vendor relationships ..read more
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