Prevalent - Third-Party Risk Management

There are seven distinct stages of a vendor's lifecycle, each presenting challenges and ideal solutions. Get to know the stages and our recommendations. #TPRM #VendorRisk #RiskLifecycle

⚡ Every company has vendors and suppliers. These terms are used interchangeably in third-party risk management, and although they both fall under the umbrella of "third party," they are not the same thing. Vendors and suppliers can present different risks to your business and may require other tactics for accurately assessing risk. So, what is the difference when it comes to TPRM? 🤔 https://buff.ly/3So0AYz A vendor is a company that provides something your company uses to conduct its ordinary business operations. This may be a finished good or a service you use as a customer. A supplier is a third party that provides essential specialized goods, services, or raw materials to another organization. Suppliers play a crucial role in your value chain, offering everything from raw materials and components for manufacturing to technological infrastructure for SaaS platforms. A supplier is a third party that provides essential specialized goods, services, or raw materials to another organization. Suppliers play a crucial role in your value chain, offering everything from raw materials and components for manufacturing to technological infrastructure for SaaS platforms. While there is overlap, supplier risks often focus more on the production and supply chain aspects, whereas vendor risks emphasize end-product quality, compliance, and service delivery. Understanding these nuances – and assessing, monitoring, and mitigating them accordingly – is vital for your TPRM program. #TPRM #VendorRisk #RiskManagement #SupplierRisk

🔎 For a law firm, a multi-million-dollar payout is just the tip of the iceberg when it comes to the damage cyber-attacks can cause. Brad Hibbert, Chief Operating Officer & Chief Strategy Officer of Prevalent - Third-Party Risk Management, shares key insights on mitigating vendor risks for law practices.

Conducting third-party due diligence is essential to a comprehensive third-party risk management program. 📋 A strong due diligence strategy provides early-stage insights to make more informed vendor sourcing decisions. https://buff.ly/48jLo4B While third-party due diligence plays an essential role throughout the vendor lifecycle, it is crucial during the sourcing and selection stages, as well as during intake and onboarding. Effectively managing third-party risk is a significant challenge for almost all organizations. It requires an approach that aims to understand and mitigate risk throughout the vendor risk lifecycle. Effective due diligence on third parties allows you to identify risks before signing contracts and committing significant financial resources and time. Third-party due diligence also uncovers hidden risks in the supply chain, like poor ESG practices or concentration risk. A mature program uses due diligence to gain visibility into its third-party ecosystem, identify unacceptable risks, and require remediation. Consider structuring your third-party due diligence assessments around a common industry framework. This will enable your team to consistently assess vendors using similar criteria and provide familiar best-practice remediation recommendations. #RiskManagement #VendorRisk #DueDiligence

In recent years, malicious actors have increasingly targeted third-party contractors and vendors with access to critical systems and sensitive data at other, larger organizations. Continuous monitoring can alert you to exposed vendor credentials or cybersecurity lapses that could lead to a data breach. https://buff.ly/3VG1Glv Cyber risk monitoring is the practice of regularly evaluating third-party vendors to ensure that their cybersecurity policies align with best practices and don't pose an unacceptable risk to your organization. It is part of a broader third-party monitoring program. So, do you conceptualize effectively monitoring vendors for cyber risk in our increasingly interconnected and complex world? Get started with these steps: 🎛️ Define your level of acceptable risk 📋 Utilize vendor risk questionnaires 🛰️ Monitor for data breaches & exposed credentials 🔎 Monitor the vendor when onsite or when accessing your IT environment ⚡ Follow our recommended best practices Including cyber risk monitoring as part of your broader third-party monitoring program can help identify security exposures in your supply chain and business operations, ensure regulatory compliance, and reduce the risk of severe disruptions from third-party vendors. #TPRM #VendorRisk #RiskManagement #CyberRiskMonitoring

🔍 Effective Third-Party Risk Management: Learn how continuous monitoring and robust risk assessment can help your organization stay ahead of evolving threats. We explore the 2024 Third-Party Risk Management Study with experts from Prevalent, uncovering key takeaways and the alarming rise in third-party data breaches from 2021 to 2023. We discuss the factors contributing to this increase, the industries most affected, and the severe consequences of not adequately assessing and monitoring third-party relationships. Our guest shares practical steps organizations can take to protect themselves, including proactive strategies beyond traditional security practices, the importance of continuous monitoring and risk assessments, and Prevalent’s recommendations for staying ahead of evolving threats through regular security practices and technology updates. Tune in for valuable insights to enhance your third-party risk management and safeguard your organization. #InfoSec #CyberDefense #TPRM #CISO #CSO #databreach Prevalent - Third-Party Risk Management Brad Hibbert

Five percent of companies actively use AI in their TPRM programs, but another 61% are investigating its use case. 🕵️ Join third-party risk management expert Tom Garrubba on June 26 as he explores how AI can enhance your TPRM program today and shares his tips for navigating potential pitfalls. https://lnkd.in/dCpFzcag In this webinar, Tom will discuss: 🧑💻 How AI can enhance your TPRM program's scalability and scope to meet staffing and resource challenges 📐 Use cases for AI as a tool in your program, including reporting, collating data, and more valuable insights 🛡️ How to effectively use AI to manage risks while meeting compliance and data privacy regulations 🚧 Challenges and risks ⚡ Best practices for integrating AI into your program AI can be a valuable tool for your TPRM program. Register now, and you'll also get instant access to our white paper, "How to Harness the Power of AI in Third-Party Risk Management." #TPRM #VendorRisk #RiskManagement #AI

We're thrilled to announce Prevalent Platform Release 24-Q2! 🚀 Our latest update is packed with innovative features designed to automate and accelerate your third-party risk management initiatives. Updates include: 🔹 AI-Enabled Auto Assessment Population: Dramatically speeds third-party risk assessment population. Especially beneficial for leveraging a previous year’s questionnaire to complete a new version (e.g., SIG 2023 > SIG 2024). 🔹 New AI Third-Party Risk Advisor Capabilities: Conversational AI updates simplify risk review and vendor management. Useful for teams that need quick insights while managing multiple third-party relationships across large vendor ecosystems. 🔹 Vendor Threat Monitor Reputational Screening Enhancements: Delivers deep insights into compliance status, legal issues, sanctions, adverse news, and other reputational risks facing companies and individuals. Read the full blog post to learn more about all of the enhancements in Prevalent Platform Version 24-Q2! #TPRM #ThirdPartyRisk #VendorRisk #RiskManagement #RiskAssessments #SoftwareUpdate

Every vendor your company works with introduces risks that can include cybersecurity, ESG, supply chain disruptions, financial issues, compliance violations, lawsuits, and even reputational challenges. 🤔 However, few risks are ever fully known or quantified. Implementing a vendor risk assessment program is vital to maintaining business continuity and resilience in a modern, interconnected world. The challenge is how best to conduct these assessments in a scalable, efficient way and drive key business results. 📑Vendor Risk Assessment: The Definitive Guide answers several critical questions about creating and maintaining a vendor risk assessment program. The guidebook defines a risk assessment, when and why you should conduct one, scoring risks, and additional best practices. https://lnkd.in/gHmiD5s5 Implementing a vendor risk assessment program is vital to your long-term business success. This is especially true as the number and severity of third-party data breaches rise alongside mounting environmental challenges, a fraught global geopolitical climate, and expanding data privacy regulations. #TPRM #VendorRisk #RiskManagement #RiskAssessments

What is fourth party risk? It's any potential risk posed by the "vendors of your vendors," many of which the contracting organization may not even know. 🕵️ Even if your company has a well-developed information security program, unknown fourth parties and Nth parties can still cause significant disruptions in your supply chain. Third-party vendors are companies that your organization works with directly. Fourth parties are companies that contract with your third parties. For example, if your company contracts with a polyester supplier, that supplier would be classified as a third party. Understanding these relationships helps you mitigate risks across your supply chain. https://lnkd.in/e88e9h9 Sometimes, the further removed from the contracting organization that the Nth party is, the less impact a disruption causes – but this isn't always the case. Colonial Pipeline is a prime example of how one supplier suffering a cyberattack can cripple businesses up and down the supply chain. These risks are especially severe when your organization relies heavily on one vendor they cannot easily replace. The more visibility you gain into your organization's vendors and the vendors of your vendors, the more you will understand and effectively mitigate unacceptable risks. An effective supply chain risk management program can help you identify, remediate, and manage risks across all vendors – third-party, fourth-party, and beyond. To account for your fourth and Nth parties in your broader risk management program, consider the following: 🪪 Identifying critical vendors 🤔 Determining risk tolerance 🗺️ Mapping fourth-party relationships 🎛️ Taking control with a VRM platform A successful fourth-party risk management program is not a one-and-done project but an integral aspect of your vendor management strategy. Fourth-party risk should be identified as a risk category to manage in your vendor management policy, and fourth-party evaluations and monitoring should be built into your standard operating procedures. #TPRM #VendorRisk #RiskManagement #FourthPartyRisk