Prevalent - Third-Party Risk Management

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

In the intricate TPRM landscape, distinguishing between inherent and residual risks is crucial for formulating an effective risk analysis and mitigation strategy. 📈 We examined the similarities and differences between inherent and residual risks and how they provide the foundation for a mature third-party risk management program. https://lnkd.in/gTb7_yCA Inherent risks are innate, unaddressed liabilities that an organization may encounter when working with vendors, suppliers, or other third parties. Early identification allows you to allocate resources strategically to areas of high risk. It's the foundation for building risk management strategies, offering insights into potential vulnerabilities that need proactive attention. Residual risks are those exposures that remain after the application of initial controls. They indicate how well the implemented controls work and help organizations adapt and refine their risk mitigation strategies. Residual risks act as the compass, steering TPRM efforts toward sustained resilience. Effectively managing inherent and residual risks is necessary for organizations aiming to thrive in an increasingly interconnected business environment. By recognizing their significance, your team can navigate the complex landscape of third-party relationships with confidence and resilience. #TPRM #VendorRisk #RiskManagement

A successful third-party incident response plan begins with knowing who your vendors are and what risks they pose. 🪪 Join TPRM expert Bob Wilkinson on June 19 as he guides you through efficiently building a vendor inventory as a foundation for your plan. https://lnkd.in/e9J88vGS In this webinar, Bob will share how to: 📇 Identify the systems and teams typically involved in managing vendors 📝 Create processes and identify information needed to create a central vendor inventory profile Understand the types of risks that should be managed with vendor inventories 🗃️ Categorize vendors according to the risk they pose to the business and the functionality they provide 🛰️ Implement steps to maintain continuous visibility into cybersecurity threats and trends Having a third-party response plan in place before an incident occurs will help your organization stay resilient in the face of growing cybersecurity threats – and the first step in your plan is to understand who your vendors are. #TPRM #VendorRisk #RiskManagement #IncidentResponse

NIST SP 800-53 is considered the foundation upon which all other NIST information security controls are built, and supply chain security and data privacy controls have evolved with each revision. 🏗️ We examined the relevant supply chain risk management controls and TPRM guidance in NIST SP 800-53, and identified best practice capabilities that you can use to meet NIST requirements for stronger supply chain security. https://lnkd.in/gEDuZ8di Download our guide to navigate topics including: 🚚 How NIST SP 800-53 addresses supply chain risk management and TPRM 🛡️ How NIST guidelines can be used for stronger supply chain security 🚧 Which TPRM solution capabilities will help you adhere to specific NIST requirements Get your copy of our white paper to assess your TPRM program against the applicable guidance in NIST SP 800-53. #TPRM #VendorRisk #RiskManagement #NIST

Have a listen to this fantastic chat with Brad Hibbert Chief Operating Officer & Chief Strategy Officer of Prevalent - Third-Party Risk Management, a leader in third party risk management. He talks about the methodology they use to qualify third party providers - including an initial assessment process and then ongoing monitoring. #riskmanagement