Large corporations, brands, and enterprises have a fair share of reasons to fall behind their governance, risk, and compliance management objectives, resulting in a massive GRC failure. It is common knowledge that getting a hold of GRC needs is complicated, but regulatory bodies and governments quickly slap hefty penalties that can run into billions of… Continue reading Four Lessons on Avoiding a GRC Failure
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Category: Third-Party Risk Management
Seven Valuable Lessons on Third-party Risk Management
Recently, a leading bank made headlines for suffering a massive third-party data breach that compromised tens of thousands of its customers’ personal data. Third-party associations help banking and financial institutions deliver innovative solutions and products to cater to customer demands. Often, third-party alliances are risky and, therefore, require a highly responsive and resilient third-party risk… Continue reading Seven Valuable Lessons on Third-party Risk Management
Why Financial Services Companies Need a Robust Third-Party Risk Management Solution
Financial services companies are amongst the most highly-targeted type of business when it comes to the criminal element, including cybercrime. Businesses operating within the financial space are also highly vulnerable to regulatory compliance-related challenges, which translate into some very serious — and costly — third-party risk management and mitigation issues. For a financial services company,… Continue reading Why Financial Services Companies Need a Robust Third-Party Risk Management Solution
The Benefits of Automating Your Mortgage Firm’s Third-Party Risk Management Processes
Third-party risk management — or TPRM — is a very real and very significant component of a mortgage firm’s broader risk management and mitigation strategy. Mortgage firms straddle two industries — the real estate industry and the financial space — and both are highly regulated and highly vulnerable to a broad range of risk factors… Continue reading The Benefits of Automating Your Mortgage Firm’s Third-Party Risk Management Processes
The Costs of Ignoring Third-Party Risk Management in Mortgage Firms
The mortgage and lending sector operates within a very complex risk management landscape — a landscape that becomes increasingly complex when you add in the issue of risk management. For lenders and mortgage firms, third-party vendors are an important consideration when examined within the context of risk management. But what happens if a firm’s leadership… Continue reading The Costs of Ignoring Third-Party Risk Management in Mortgage Firms
The Complete Guide to Integrated Risk Management Software
Risk management software has evolved into an increasingly-important and rapidly-growing component of today’s modern business strategy. Integrated risk management — also termed IRM — is one aspect of an organization’s broader risk management strategy. Yet it’s rather difficult to formulate and initiate IRM initiatives due to the very broad and comprehensive nature of integrated risk… Continue reading The Complete Guide to Integrated Risk Management Software
Third-Party Risk Management Software for Financial Institutions
Third-party risk management (TPRM) is a major consideration for financial institutions such as banks and lenders and the reason is clear: criminals view these businesses as a prime target with a sizable potential payout. Financial institutions are at the top of the list when it comes to “targetability” by criminals; this makes a well-developed risk… Continue reading Third-Party Risk Management Software for Financial Institutions
What is GRC Software? – Benefits and How it Works
Governance, risk, and compliance (GRC) management is an increasingly common concern amongst companies of all sizes, particularly at the enterprise level where monitoring and compliance-related actions tend to be the most aggressive. Publicly-traded companies, in particular, experience a tremendous burden when it comes to meeting the various compliance and risk standards for their industry or… Continue reading What is GRC Software? – Benefits and How it Works
What is a Third-Party Risk Management Framework?
Nowadays, businesses are more interconnected than ever, relying on a vast network of third-party vendors and partners to drive efficiency and innovation. While these partnerships offer numerous benefits, they expose organizations to many risks, including data breaches, regulatory violations, and reputational damage. These risks are why companies should ensure they have a solid third-party risk… Continue reading What is a Third-Party Risk Management Framework?
Tips for Effective Third-Party Risk Management
Independent contractors, vendors, and other third-party service providers play a crucial role in today’s business world. In fact, for many organizations, these third parties are instrumental to success. But as with all good things, there is a downside. In the case of third-party service providers, the downside is risk — risk of compromised trade… Continue reading Tips for Effective Third-Party Risk Management