Prevalent - Third-Party Risk Management

How well are you able to collaborate within your TPRM program? 🤔 Many organizations face scattered silos and decentralization of third-party risk activities, along with fragmented processes and a lack of a single source of truth, preventing sufficient risk remediation throughout the third-party lifecycle. With those barriers, how do you align multiple departments around unified TPRM processes? Join Bryan Littlefair, CEO of Cambridge Cyber Advisors and former CISO of Vodafone Group and Aviva, on August 7 as he explores how to improve cross-functional collaboration and enhance third-party risk management. https://buff.ly/4flBR1G In this webinar, Bryan will share: ⚡ Strategies to break down silos and centralize third-party risk activities ⚡ Methods to unify fragmented third-party risk processes ⚡ Ways to establish a single source of truth for third-party risk ⚡ Best practices for increasing visibility into third-party risk intelligence ⚡ Tips for aligning multiple departments around a single set of TPRM processes and data Enhanced cross-team collaboration means your organization will more effectively mitigate risks, make informed decisions at every stage of third-party relationships, and foster a stronger TPRM program. Register now! #TPRM #VendorRisk #RiskManagement

CIOs need to be aware of operational risks, especially considering that security and data governance is a growing challenge. In fact, 61% of companies reported a third-party data breach or security incident, a 49% increase over the last year. CIO Online spoke with several experts, including Prevalent's Brad Hibbert, about the IT risks that CIOs need to be worried about. See what Brad had to say about third-party risks! https://lnkd.in/d4sjebr2 #TPRM #VendorRisk #RiskManagement #Cybersecurity

The CCPA – and CPRA – have four key TPRM requirements that apply to vendors handling data on California residents. The CCPA requires companies to inform California residents about data being collected prior to collecting the data. It allows consumers to access all personal data held by a company and receive information about individuals or organizations with whom that data has been shared. It also allows consumers to opt-out and prevent their personal data from being sold or shared with a third party. Specific to TPRM, Section 1798.100 of the CCPA states that a business that collects a consumer's personal information and sells or shares it with a third party must enter into an agreement with that third party that "obligates the third party, service provider, or contractor to comply" with the CCPA's privacy regulations. Organizations should, therefore, ensure that their third-party partners and service providers are well-prepared to protect consumer information. https://buff.ly/3WIQSnf The first step in any security program is identifying and prioritizing existing risks via a thorough security assessment. CCPA Section 1798.185 (15) speaks to, "requiring businesses whose processing of consumers' personal information presents significant risk to consumers' privacy or security" to conduct annual cybersecurity audits and submit to the California Privacy Protection Agency a risk assessment. While the CCPA is technically California state law, its reach is felt far beyond the borders of the Golden State. CCPA oversight is not limited to businesses headquartered in California or even businesses physically operating in California – the CCPA applies to consumer data collected from any resident of California. Given that California is home to about 40 million people and would be the 5th largest economy in the world if it were its own country, the odds are good that if your business is collecting consumer data, you have collected the data of a California resident. In fact, many businesses opt to treat every consumer as if they were a California resident, and therefore prepare for CCPA compliance across their businesses. #TPRM #VendorRisk #RiskManagement #CCPA

How can you ensure your TPRM efforts are in sync with your organization's GRC program for a complete picture of your risks? In this on-demand webinar, Michael Rasmussen, The GRC Pundit & Analyst at GRC 20/20 Research, discusses how you can reunite GRC and TPRM to identify, monitor, and mitigate risk throughout your extended enterprise. https://buff.ly/3WvjZJp #TPRM #VendorRisk #RiskManagement #GRC

⚠️ In the early hours of Friday, July 19, an update to the CrowdStrike Falcon Sensor product triggered a worldwide outage on Windows machines. The incident was not a cyberattack or malicious in any way. It was faulty code in a regular product update. This is a perfect example of why you need to continually assess the business resilience practices of your third parties and understand the third-party risk exposure in your vendor universe when widespread outages like this one occur. CrowdStrike regularly publishes content updates to its Falcon Sensor products to ensure that they're protecting against the newest cyberattacks. All reports point to the update being part of that deployment cycle. The update, however, included some faulty code that triggered the dreaded Blue Screen of Death on Windows machines. Affected equipment suddenly displayed the dreaded "Blue Screen of Death," grinding thousands of companies to a halt worldwide and disrupting operations at banks, airlines, hospitals, and other organizations. Regardless of the cause, a high-impact incident is the wrong time to ensure you have a third-party incident response plan. https://buff.ly/3WbAppV Instead, start preparing for the next incident by implementing a proactive approach now. Start with these 4 best practices: 1. Develop a centralized inventory of all third parties 📇 2. Build a map of third parties to determine technology concentration risk 🗺️ 3. Assess third parties' business resilience and continuity plans 📋 4. Continuously monitor impacted vendors and suppliers for issues 📡 The CrowdStrike issue was thankfully not from a malicious source, but risk monitoring remains a key component in understanding your exposure to a third-party incident. However, over the next few weeks, companies affected by the CrowdStrike outage will likely spend significant time recovering their systems. Vendors, large and small, will contend with the business slowdown and potentially bring many thousands of end-user machines back into service.  #TPRM #VendorRisk #RiskManagement #Cybersecurity

Forty-nine percent of companies experienced a significant third-party data breach in the last 12 months, according to the Prevalent 2024 TPRM Study. ⚠️ As third-party risks become more complex, information security teams increasingly take the lead in TPRM efforts. Achieving a mature TPRM program is essential to staying ahead of these challenges, but the path to maturity can seem overwhelming. Join TPRM and compliance expert Alastair Parr in this comprehensive webinar on July 31, where he'll explain and simplify the process of maturing your TPRM program. https://buff.ly/4684Lyg In this webinar, you'll learn: ⚡ The various types of third-party risks addressed by a mature TPRM program ⚡ How to use the Capability Maturity Model to define and achieve TPRM maturity ⚡ The 5 essential pillars for a successful TPRM program The different levels of TPRM maturity ⚡ Key steps to elevate your program to the next level By enhancing your TPRM program maturity, your organization will more effectively mitigate risks and make informed decisions at every stage of third-party relationships. Register, and you'll also gain instant access to our white paper, Improving Third-Party Risk Management Program Maturity: How to Use the Capability Maturity Model! #TPRM #VendorRisk #RiskManagement

Third-party risk management can frustrate even the most well-resourced organizations. 😤 However, a strategic approach to Third-Party Risk Management TPRM governance and oversight is critical for organizational resilience and success. The process of developing the right TPRM governance and oversight involves a few key components, including: 🤔 Assigning the right roles 🎯 Developing the right strategy and objectives ⚙️ Integrating vendors into your processes ⚡ Ensuring that third-party risk management is a component of your overall enterprise risk management strategy Effective TPRM governance and oversight involves seamlessly blending people, processes, and technology. This leads to a strategy that empowers organizations to manage vendor risk efficiently. It also ensures that stakeholders understand the value of TPRM and can readily track program performance over time. We created Ten Tips to Improve Governance and Oversight of Third-Party Risk Management as your blueprint for developing a TPRM program that aligns with industry standards and organizational goals. https://buff.ly/3SeM722 This white paper explores the essential components you need and curated best practices for robust TPRM governance and oversight. Check the comments to download your copy! 🔗 #TPRM #VendorRisk #RiskManagement #Governance

You’ve devoted quite a bit of resources to ensure your company is compliant with emerging #ArtificialIntelligence regulations – and that’s great! But what about your third parties? Prevalent - Third-Party Risk Management's Alastair Parr argues that companies should take a risk-based look at how third parties are using AI. https://hubs.ly/Q02GMLtc0 #Compliance

In a time of increasingly global supply chains and the growing risk of disruptions, ensuring that products are safe, meet their intended use, and adhere to quality processes has never been more important. 🌍 TPRM and SRM professionals should assess and monitor their suppliers' adherence to these best practices to reduce the impact of safety and quality problems. That's where GxP compliance comes in. GxP (Good [Industry] Practice) refers to a collection of quality guidelines and regulations created to ensure that products in industries such as pharmaceuticals, medical devices, and food production meet established good practices. https://buff.ly/4bIyU8j Some common types of GxP include: 🔧 GMP (Good Manufacturing Practice): Focuses on manufacturing processes 🔬 GLP (Good Laboratory Practice): Pertains to non-clinical laboratory studies 🥼 GCP (Good Clinical Practice): Related to clinical trials and human subjects 🚚 GDP (Good Distribution Practice): Concerns the proper distribution of goods 💊 GPP (Good Pharmacovigilance Practice): Relates to the safety of pharmaceutical products Compliance with GxP regulations is a legal requirement in many countries. Non-compliance can result in severe consequences, including fines, product recalls, and legal action. Regulatory bodies hold the primary company responsible for any GxP non-compliance, even if it occurs at a third-party site. Various GxP regulations and frameworks are established by regulatory bodies to ensure that products are produced and controlled according to quality standards. Additionally, global ISO standards provide frameworks for quality management systems applicable to GxP. GxP compliance is essential for ensuring product quality and safety and significantly impacts third-party risk management. Effective management involves stringent qualification processes, regular audits, clear contractual obligations, and continuous monitoring to mitigate risks associated with third-party non-compliance. #TPRM #VendorRisk #RiskManagement #GxP

A key component of TPRM is third-party risk scoring, closely followed by vendor risk tiering. ⭐ Understanding these concepts is essential for building a robust third-party risk management foundation. https://buff.ly/4bIyU8j Third-party risk scoring is the process of evaluating and assigning a numerical value to the potential risks that an external partner or supplier might bring to a business. This score helps determine how risky it is to work with that third party based on factors like their security practices, financial stability, and compliance history. Third-party risk tiering categorizes external partners or suppliers into different levels or tiers based on their risk scores. These tiers help businesses prioritize and manage their third-party relationships according to the level of risk each partner presents. Different third parties pose varying levels of risk. The criteria for each tier will vary depending on the nature of the vendor. For instance, a parts vendor has different criteria than a cloud hosting service. Calculating and categorizing risk is important for protection, efficiency, and compliance. By understanding and implementing third-party risk scoring and tiering, businesses can better manage their external relationships, minimize risks, and enhance overall operational stability. #TPRM #VendorRisk #RiskManagement