Third Party Thursday - April 6, 2023

Happy first week of April! We've compiled third-party risk management news, resources, and upcoming webinars to kick off the new month. Read below to stay abreast of industry happenings.

Third-party vendors pose a significant amount of data privacy risk, but the good news is third-party risk management can help. Avoid these missteps to make your third-party risk management process as efficient as possible. The CFPB has been busy, with a recent policy statement that provides clarity around “abusive” in UDAAP and a new rule that increases transparency in small business lending.

The retail industry sees an increase in cyberattacks. As taxpayers rush to meet the upcoming filing deadline, they should be aware that JavaScript malware was recently found in an IRS-authorized e-file software service provider’s system. We also learn about a security incident at a data storage firm and a recent supply chain attack. Knowing cyberattacks and cyber risk are on the rise, read up on ransomware prevention recommendations to protect your organization.?

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Check out the recently released content:

Infographic: Vendor Risk Management Cheat Sheet

Blog:?Tracking Vendor Performance With Service Level Agreements

Blog: TPRM and Higher Education: Why Hackers Want Student Data

On-Demand Webinar:?Fourth-Party Risk: What to Know and How to Manage It

Infographic: What/Why/Who/How of Vendor Risk Management

Check out the latest discussions in our complimentary online community dedicated to third-party risk professionals. Visit www.thirdpartythinktank.com to register and sign in.

• Financial/Counterparty Vendor Risk Monitoring: "In the wake of the SVB collapse, how are others reviewing financial/counterparty risk for vendors that are part of their vendor management program? Are certain questions being asked about onboarding and ongoing due diligence?" Help Answer
• Insurance Coverage: "What is the industry best practice on insurance coverage? Is liability insurance mandatory for all vendors, or is it based on risk rating?" Help Answer
• On-site Due Diligence Checklist for Business Process Outsourcing: "Does anyone have a periodic on-site due diligence checklist for business process outsourcing that covers multiple processes." Help Answer

Third-Party Risk Management Bootcamp

Effective third-party risk management is essential to protecting your organization, customers, and all confidential and proprietary information. In this three-day virtual bootcamp, industry experts will cover various topics to help you improve your program, tips and solutions for common challenges, and more!

April 18-20, 2023 | Basic | 1-3pm ET | Register Now

The Third-Party Risk Management Lifecycle: Managing Vendor Risk From Start to Finish

The third-party/vendor risk management lifecycle is the foundation for effective third-party risk programs across industries and organizations of all sizes. In this webinar we'll cover each lifecycle stage.

May 2, 2023 | Basic | 2pm ET | Register Now

Third-Party Risk Management Reports: Right Data, Frequency, & Content

TPRM reporting is not just a best practice, it's a regulatory requirement. Understanding the information needs of each stakeholder and how often you provide data is essential. Join us for this session where we'll walk you through the basics of TPRM reporting and help with effective reporting.

May 16, 2023 | Basic | 2pm ET | Register Now

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