Third Party Thursday - February 29, 2024

Did you know the last time we had the same calendar year as 2024 was 28 years ago... in 1996?! Leap year and all. Now that you've learned an interesting fact to kickstart your day, let's dive into recent third-party risk news, resources, upcoming webinars, and more!

Data breaches in the healthcare industry continued to rise, as a third-party cyberattack disrupted pharmacies and another third-party attack compromised patient information for multiple optometry organizations. Regulators required one healthcare organization to?perform audits on third-party vendors and establish risk management after a data breach. The new NIST cybersecurity guidelines can help organizations manage these risks.

There’s increased fintech scrutiny in the banking industry. Organizations should be aware of emerging AI risks and use best practices to address AI risks. Also be aware of third-party ESG practices as there's potential liability for the actions of third-party suppliers. Be sure to check out all of this week’s news.?

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Infographic:?Ways to Improve Vendor Document Collection Efficiency

Blog: Third-Party Fraud Prevention to Comply With the UK Economic Crime and Transparency Act

Blog: The Role of Vendor Risk Management Within Your Organization

Infographic (in collaboration with Osano):?Using Privacy Scores to Manage Vendor Risk

Whitepaper: State of Third-Party Risk Management 2024

Additional Resources:

• Blog (in collaboration with Osano): Managing Vendor Risk With Privacy and Information Security Team Collaboration
• Infographic: Vendor Performance Management: Steps and Questions to Ask
• Blog: Third-Party Risk Management Considerations in the NCUA's 2024 Supervisory Priorities
• Blog: 6 Benefits of Vendor Risk Management Software
• On-Demand Webinar: State of Third-Party Risk Management 2024
• Blog: How to Set a Risk Appetite Framework for Third-Party Relationships
• Infographic: 3 Planning Steps Before You Onboard a Vendor
• Blog: A Walk Through the Interagency Guidance Third-Party Risk Management Lifecycle
• Blog: A 5-Step Process to Vendor Issue Management
• On-Demand Webinar: Identifying the Key Players for Third-Party Risk Management at Your Credit Union
• Podcast: Who Is Involved in Third-Party Risk Management?
• eBook: Top 21 Third-Party Risk Management Resources for Beginners
• eBook: Top 21 More Advanced Third-Party Risk Management Resources
• On-Demand Webinar: How to Continuously Monitor Vendors
• Blog: 10 Types of Vendor Risk to Monitor

View All Resources

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.

• Third-Party/Vendor Management Certification Classes: "Has anyone taken any in-depth financial third-party risk management certification classes? Ideally, it would give a high-level overview of different document types and how to read a SOC report." Help Answer
• Vendor Class Governance Performance Class Structure: "We're wanting to dig into performance management and would appreciate any recommendations on sources to discuss governance."?Help Answer
• Offboarding Workflow: "Does anyone have a formalized offboarding workflow or process in place? If so, what does it look like? We're needing to formalize this part of the vendor risk lifecycle and are interested in what is working for others." Help Answer

Fourth and Nth Parties: What You Need to Know to Effectively Manage Your Extended Third-Party Ecosystem

With so many potential extended relationships, which ones present the most risk? How do you manage those relationships? In this session, we'll cover how to identify, assess, and manage fourth- and nth-party risks.

March 5, 2024 | Basic | 2pm ET | Register Now

How to Review Your Vendor's Financial Health: A Walkthrough of Financial Documents

To help your organization manage vendor risks successfully, it's important to implement a thorough vendor financial health review process. In this session, our CFO will walk you through different types of financial documents.

March 19, 2024 | Intermediate | 11am 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 in detail.?

April 2, 2024 | Basic | 2pm ET | Register Now

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