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Knowing Your Third-Party Vendors

Positioning Organizations for the Future

Knowing Your Third-Party Vendors: Positioning Organizations for the Future 

Banking and financial services firms spend millions of dollars and hours on their cyber security landscape. Unfortunately this investment can readily unravel as a result of third party problems or vendor management issues. The following article explores the third party landscape and looks at how it can affect enterprise wide business and regulatory risks. While it is not feasible to completely alleviate all risk, it is important for firms to include Vendor Risk in their Enterprise Risk Management schemes and to design processes that provide oversight proport ionate to vendor risk. These processes may include incorporating technology solutions such as Robotic Process Automation (RPA) or Artificial Intelligence (AI) as options to strengthen program design. To get started or evaluate previously created vendor r isk management programs, a comprehensive review and analysis can provide firms insight into enterprise Third Party Risk Management (TPRM) efforts and opportunities to improve efficiency.

 

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