Third Party Thursday - August 3, 2023

Happy August! The weather is scorching, and there's no cooling off in the third-party risk management space either!?Check out this hot off the press edition of Third Party Thursday below.

Artificial intelligence has the capability to revolutionize industries, but regulators are taking note of the AI risks. China passed new regulations that require transparency behind data training, and the United Kingdom is weighing in on its AI approach in the financial services industry. A new U.S. regulation on cybersecurity incidents also came out this week for public companies, and financial firms will need to be ready to comply. In fact, the financial industry continues to be extremely regulated across the globe, especially with third-party risk management.

Other industries are also seeing the benefits of third-party risk management, like healthcare, as it's crucial to identify all healthcare vendors and implement best practices with them. Higher education institutions also need to track their vendors, as they're vulnerable to cyberattacks. As technology expands in manufacturing, they also need a strong plan to manage third parties. There are best practices that all industries can implement to mitigate risk. Be sure you catch up on all this week’s industry news!

Read More

eBook: 7 Steps to Implement ESG Into Your Third-Party Risk Management Program

Infographic: Healthcare Cybersecurity: 7 Steps to Protect Against Rising Vendor Risks

Blog: FERPA-Compliant Contracts With Third-Party Risk Management

Blog: How Your Organization and Vendors Can Comply With the SEC Data Breach Notification Rule?

Blog: Next Steps After Your Vendor Experiences a Ransomware Attack

Blog: 5 Vendor Exit Strategy Considerations

On-Demand Webinar: Interagency Guidance on Third-Party Relationships: Risk Management - What It Means for Your TPRM Program

eBook: The Essential Third-Party Risk Management Guide

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.

• Risk Acceptance: "How does everybody handle risk acceptance and policy exceptions?" Help Answer
• Credit Reports: "We struggle with being able to pull credit reports for our third parties and whether to do them for the principals and/or the business. How do you handle this?" Help Answer
• Queries on Risk Monitoring and Residual Risk: "During the onboarding and ongoing stage, do you use the same vendor risk questionnaire during inherent risk assessment, vendor due diligence, contract review, and further risk re-assessments?" Help Answer

ESG Is Coming: Is Your Third-Party Risk Management Program Ready?

How do an organization’s vendors fit into the bigger ESG picture? Join us for this informational webinar to learn more about ESG, why it’s important, and what your organization needs to consider before implementing ESG disclosure and reporting for your vendors.?

August 8, 2023 | Intermediate | 2pm ET | Register Now

How to Manage Vendor Risk at Your Credit Union With Due Diligence

Join this session that will walk your credit union through a high-level due diligence overview, explaining how to manage and mitigate vendor risk with due diligence and where it fits in the third-party risk management lifecycle. Learn tips and tricks to enhance your credit union’s vendor due diligence process.?

August 17, 2023 | Basic | 2pm ET?| Register Now

Vendor Contract Management for Beginners

Learning the fundamentals of vendor contracts will allow you to approach them with new confidence. Join this webinar, where we'll guide you through the basics, show you examples, and explain specific contract considerations and objectives you should know.

August 22, 2023 | Basic | 11am ET | Register Now

Like what you read? Don't forget to click 'Subscribe' in the top right corner of the page for weekly third-party risk management updates, news, resources, and upcoming webinars.