Developed by the U.S. Securities and Exchange Commission (SEC), the Environmental, Social, and Governance (ESG) criteria is used to gauge a company’s sustainability and conduct risks. The data points that determine an organization’s sustainability are then documented in reports that are now considered mandatory. ESG reporting isn’t necessarily new, however, making these reports mandatory is!… Continue reading Mandatory ESG Reporting is Around the Corner
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Category: ERM Strategy and Consulting
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
Third-Party Vendor Risk Management for Financial Institutions
Third-party vendor risk management for financial institutions is a key area of concern due to the sensitive and high-risk nature of this business niche. The practice of third-party risk management (TPRM) encompasses the analysis and mitigation of risks that are associated with third parties such as contractors, vendors, and other non-employees who work with an… Continue reading Third-Party Vendor Risk Management for Financial Institutions
Third Party Risk Management Best Practices
Organizations of all sizes and in all sectors can benefit from working with third-party service providers, vendors and contractors. The advantages are numerous, ranging from filling skill gaps and facilitating one-time projects to reducing overhead and achieving significant financial savings. But there are some risks associated with bringing these individuals into the fold. This is where… Continue reading Third Party Risk Management Best Practices
Key Things to Look for in Third-Party Risk Management Software
Third-party risk management (or TPRM) continues to increase in popularity because more and more organizations are seeking cost-effective ways to get the job done without the overhead associated with using in-house resources. This has spurred a rise in the number of companies that are turning to third-party risk assessment software platforms. But with many… Continue reading Key Things to Look for in Third-Party Risk Management Software
Why is Third-Party Risk Management Important?
Third-party risk management — also known as TPRM — refers to the practice of identifying and mitigating the risks that arise in connection with vendors, contractors, and other third-parties whom a company leverages in the course of their business. The extreme competitiveness of many industries and business sectors has made independent service providers a critical… Continue reading Why is Third-Party Risk Management Important?
How to Make Third Party Risk Management Painless
Third party risk management — also known as TPRM — has gained significant popularity in recent years as business leaders become increasingly comfortable with outsourcing various functions within their companies. But not every experience with a third party service provider is going to go smoothly and there is an inherent risk associated with pulling… Continue reading How to Make Third Party Risk Management Painless
How to Decide Which Governance Risk and Compliance Tools are Right for Your Business
Governance risk and compliance (GRC) is a multi-disciplined concept that holds the potential to affect nearly every aspect of a company’s operations. This includes compliance and regulatory matters, enterprise risk management, along with policies and procedures. A robust, well-thought-out GRC strategy is essential for success in today’s ever-evolving business world. But regardless of how… Continue reading How to Decide Which Governance Risk and Compliance Tools are Right for Your Business
What to Look for in Governance Risk and Compliance Vendors?
Governance risk and compliance (GRC) can impact virtually every company process and policy. From risk mitigation to ensuring full compliance with laws and regulations, GRC is a complex discipline to be certain. With a company’s reputation and millions of dollars at stake for just a single fine, governance risk and compliance is not something that… Continue reading What to Look for in Governance Risk and Compliance Vendors?