Third-Party Risk Education

There are 6 fundamental elements of a strong vendor management policy. In this podcast we are going to dive a little deeper into what each pillar means and some ways to incorporate these pillars into your third party risk policy.

Are you looking to expand your vendor management team in 2019? During today’s podcast we will discuss our top 5 recommendations to keep in mind while recruiting potential vendor management team candidates.

Vendor risk management is a complex job. It typically takes an individual who is meticulous in detail, thorough and patient to perform the job well. In today’s podcast, we’ll touch on some key attributes we’ve found in good vendor managers that should be continued in the new year.

Since we’re nearing the end of the year, it’s a good time to reflect on 2018 and some of the vendor risk management best practices we’ve found to be very helpful. Let’s cover 7 of the 2018 best practices that should continue to be performed in the new year. They range from engaging the first line of defense through continuing education.

This interview covers qualifications that are needed on a third party risk management team, why cybersecurity risk is something that you can never really defeat and the importance of your response plan, how you can outsource the activity but you can’t outsource the risk - third party risk management burdens will continue to only get more complex and thought provoking conundrum about the introduction of decentralized technology, like a blockchain, and still accounting for third party risk.

As we wrap up 2018, it’s a good time to reflect on the year and some of the reasons we’re thankful for a well-developed vendor management program. Listen to this podcast to learn 10 reasons to be thankful for vendor management.

Listen to this interview with Brian Tate, President and CEO at Network Branded Prepaid Card Association (NBPCA) where he covers both a legal and industry perspective on third party risk, understanding the impact of fraud in third party risk management, how properly investing in third party risk management protects you and your organization, discussion regarding increased oversight at the state level and a post Dodd-Frank Act lesson - senior management and the board must be involved.

As you wrap up 2018, it’s a good idea to think about your process for reporting to the board. Whether it’s your regularly scheduled, perhaps quarterly meeting, or whether it’s your summation of all activities for an annual board report, third party risk management needs to be a part of the board’s regular activities. Listen to today’s podcast where we’re going to touch on our recommendations to best prepare for periodic vendor updates to the board.

After an examiner pays you a visit and the report and recommendations are complete, it’s important to not only review the findings and recommendations but to also take follow-up action internally. Listen to this podcast where we discuss the five best practices you should be doing as a follow up to your exam.

BCP stands for business continuity planning. Business continuity is what you do to ensure that key operations, products and services continue to be delivered either in full OR at a predetermined, and accepted, level of availability. Today, most people would have this outlined as part of a service level agreement (or SLA). When you think of business continuity and your vendor, it covers things like what would they do in the event of a loss of personnel, if their facilities or services were down; what their planning with public entities such as emergency services is like, and communications with their own identified key vendors, their clients like you, employees and the media. Listen to this podcast where we discuss the basics of a BCP Report.