A month has gone by since a 1,300-foot cargo ship ran aground and blocked one of the busiest waterways in the world. For many industries, the ripple effects will continue to batter global supply chains for weeks to come, absent having in place a sound supply chain risk management program.
The grounding of the Ever Given is the latest unexpected incident to cause severe supply chain disruptions around the world. The lessons learned from others, such as the coronavirus pandemic, are just as relevant, writes Aaron Nicodemus.
Today’s financial services industry operates in an environment characterized by significant regulatory scrutiny. To be compliant, organizations must be aware and adhere to regulations, guidelines, and industry standards as it relates to their vendors, suppliers and third parties.
Two months after cloud service vendor Accellion first identified one of its legacy products was targeted by a sophisticated cyber-attack, users of the product continue to feel the impact, with grocery chain Kroger the latest to reveal its exposure.
Should you consider outsourcing some of your firm’s compliance functions? Perhaps, even, all of them? The answer is complicated and requires a thorough analysis of the risks and rewards.
This guide will help you better understand the choices before you, no matter if your organization hasn’t even cracked the seal on third party cyber risk management.
The more we learn about the SolarWinds hack, the more troubled compliance officers should be by the scope and breadth of the risks their companies might have incurred.
Norway’s data privacy watchdog issued gay dating app Grindr with a notice of intention to fine it NOK 100 million (U.S. $11.7 million) for sharing personal data with third parties without users’ consent.
Join Deloitte’s leading practitioners in third party risk management for a one-hour webinar as they explore key findings from their fifth annual extended enterprise risk management (EERM) survey.
Deutsche Bank has agreed to pay more than $130 million to resolve charges that it paid bribes to third parties to secure business deals in Asia and the Middle East, in addition to a separate commodities fraud “spoofing” case.
For most companies, supply chain risk management traditionally focuses on managing physical third-party risks. But what the SolarWinds cyber-attack revealed is the catastrophic havoc fourth and fifth parties can also wreak in the often-ignored cloud supply chain.
The lessons from the massive SolarWinds hack on where vulnerabilities still lurk in the third-party vendor supply chain cannot be grasped soon enough.
To say that 2020 was filled with change and challenges would be an understatement. As businesses adjust to new ways of working, many are reassessing the risk profiles of their third parties and re-evaluating their third-party risk management programs as they prepare for the new year.
Join this educational session as we outline best practices for developing and optimizing efficient processes within your third party risk management program.
A spate of recent cyber-security breaches occurring via third parties is a reminder of the importance for companies to stay on top of risk management. Regulators have shown to not take kindly to finger-pointing.
Recent GDPR fines against British Airways, Marriott, and Ticketmaster by the U.K. Information Commissioner’s Office each saw the regulator dismiss claims by the companies that third parties were primarily responsible for the data breaches in question.
Today, many organizations find themselves stretched thin with limited resources and unable to put together a world-class vendor risk management program.
The U.K. Information Commissioner’s Office fined Ticketmaster £1.25 million (U.S. $1.6 million) for its failures relating to a 2018 data breach by a third party.
Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
Organizations are adopting digital transformation and, as a result, increasing their reliance on third parties faster than they can scale their third-party cyber-risk management programs.
Alcoholic beverage maker Beam Suntory agreed to pay $19.6 million to resolve Foreign Corrupt Practices Act charges of improper payments by its Indian subsidiary.
The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.
Third-party risk management has always been a challenging area for risk and compliance professionals, never more so than today. As the global economy rebounds, third-party risk has taken on new dimensions.
This webinar will discuss how companies are making changes to their onboarding processes and supply chain due diligence and how COVID-19 has shifted priorities and budgets going forward.
Managing third-party risk for your organization is increasingly becoming more urgent with today’s environmental and geopolitical challenges, business continuity issues and regulatory demands.
The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.
The slowdown in mergers and acquisitions in the early stages of the coronavirus pandemic in March is waning, and M&A activity is approaching pre-pandemic levels again, with cyber-security risk now the top concern.
With the release of the DOD’s Cybersecurity Maturity Model Certification program in 2020, contractors are required for the first time to comply with a specific set of cybersecurity capabilities—and have that compliance certified by a third party.
Morgan Stanley has agreed to pay $60 million as part of a settlement with the OCC for failing to adequately protect customer data when the bank decommissioned two U.S.-based wealth management data centers.
The long-standing theory of having an average of only six degrees of separation between any two people takes on an interesting twist when considered through a compliance and risk management lens.
This e-Book from Compliance Week and Aravo reveals the results of the “2020 TPRM Benchmarking Survey.”
John Carreyrou explained to third-party risk professionals at CW’s TPRM Virtual Summit that the mistakes made by Theranos’s business partners were entirely preventable—had they done their proper due diligence.
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
Former chief of the SEC’s FCPA Unit Kara Brockmeyer shared what regulators are looking for when they assess a company’s relationship with its third parties at Compliance Week’s TPRM Virtual Summit on Thursday.
Maintaining the status quo with your vendor risk management program is no longer acceptable in today’s ever-changing marketplace as supply chains can drastically change overnight.
This webinar debunks the myths of AI and ML in third-party risk technology and drills into reality with a pragmatic application of how your data can be harnessed to support various risk management use cases.
How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.
In advance of her keynote at Compliance Week’s upcoming TPRM virtual event (Sept. 17-18), former SEC official Kara Brockmeyer discussed with CW the heightened risk third parties have during a pandemic and what companies can do about it.
John Carreyrou, the Wall Street Journal reporter who exposed Theranos and its founder Elizabeth Holmes as frauds, will be the keynote speaker on Day 2 of Compliance Week’s TPRM virtual conference Sept. 18.
Running a business “in the cloud” was once reserved for innovators and large enterprises, but now nearly every business on the internet is operating in the cloud.
This webinar will discuss the results of the Compliance Week and Aravo TPRM benchmarking survey in the context of the DOJ’s Evaluation of Corporate Compliance Programs.
As new insights are continually evolving, organizations around the world are trying to plan and develop their strategies for returning to the new “normal.”
Acting Justice Department Criminal Division head Brian Rabbitt shares his perspective on recent updates to the Evaluation of Corporate Compliance Programs guidance, the FCPA Resource Guide, and more.
Businesses are rethinking their strategies to maintain operations, minimize supply chain disruption, and manage heightened exposure to financial, legal, regulatory, or reputational risks.
In performing due diligence on your supply chain partners, do not be intimidated into accepting no for an answer. Being blind to potential risks is bound to get you into trouble, writes financial crime expert Martin Woods.
Your vendors often handle your most sensitive data. This presents significant challenges as security, procurement, sourcing, IT, and privacy teams struggle to vet and manage vendor risks and performance in real time.
While there is no one right third-party risk management program, there is a model right for you, and incorporating best practices into your processes can have an exponential effect on your results.
Do risks from your third-party ecosystem keep you up at night, especially during these trying times? How have third-party risks changed over the years, but especially lately, considering the current crisis?
COVID-19 has completely changed the way organizations do business, both internally and externally. The influx of sensitive data being collected makes proactively identifying and managing privacy risk a big challenge.