WHITE PAPER Third-Party Risk Management Lifecycle Guide

Size: px
Start display at page:

Download "WHITE PAPER Third-Party Risk Management Lifecycle Guide"

Transcription

1 WHITE PAPER Third-Party Risk Management Lifecycle Guide

2 Develop and maintain compliant third-party relationships by following these foundational components of a best-practice assessment program. Third parties are extensions of an organization and their actions can have a direct impact on compliance efforts and brand reputation. This requires companies to survey, assess, and follow-up with dozens, hundreds or even thousands of third parties, and take action against those not in compliance. The Third-Party Risk Management Lifecycle is a model that guides organizations through the third-party review process. Its components are based on procedural best practices to identify, mitigate and manage compliance risks. This model can be used to evaluate a prospective supplier, vendor or global partner prior to signing contracts. You can also employ this model to assess a vendor s performance. Lifecycle Components Planning Creating an evaluation plan prior to signing contracts will help mitigate risks before the relationship is established. Do not rely solely on experience or prior knowledge before committing to a contract. Make the following considerations during the planning and evaluation process: LockPath, Inc College Boulevard #200, Overland Park, KS (913) info@lockpath.com LockPath.com Page 2 of 6

3 What are the strategic business purposes of hiring this third-party? How will this relationship affect your employees? How will this relationship affect your customers? Do you have a third-party evaluation program in place? How will you evaluate this third party? What benchmarks will you use? Do you have a workflow to remediate risks or incidents discovered during assessments and audits? Do you have a system to report assessment and audit findings so you can prove compliance? Does this third party pose a risk to your operations, compliance, reputation, strategy or products? Due Diligence Conduct thorough due diligence on your third parties to ensure they are capable of performing their duties in accordance with federal and international laws and regulations. Be mindful of the following considerations while forming your due diligence program: General Considerations Will the third party be using subcontractors to perform its contractual duties? How does the third party evaluate its subcontractors? Do these subcontractors have the necessary skills and licenses to meet quality and compliance standards? Do these subcontractors adhere to regulations such as the Foreign Corrupt Practices Act (FCPA)? Is the third party financially sound? Will it be in business in six months, a year, or five years? How will hiring this third party affect your business continuity plan? Does the third party have a business continuity plan in place for your business? For Suppliers How dependable is this supplier s product? How are its products procured? Where are its products manufactured? Are its products produced and delivered in a timely manner so your processes are not delayed? What are the quality assurance procedures its products go through to ensure top performance? How will you handle customer complaints about the supplier s product? Do the supplier s business ethics match your organization s business ethics? Where is the supplier sourcing its materials? Are the materials from endangered sources, illegal sources or conflict areas? Is the supplier following local and federal labor laws? How are the working conditions on the supplier s end? Does the supplier follow sustainable practices? Does the supplier comply with ethical regulations such as the FCPA? Does the supplier s legal and compliance program have the necessary licenses to operate and remain compliant with both domestic and international regulations? For Vendors How dependable is the vendor s service? Will the vendor meet its deadlines? Will the vendor meet your deadlines? What are the vendor s escalation and remediation processes if it is underperforming? What quality assurance procedures does the vendor perform on its services to ensure satisfactory performance? LockPath, Inc College Boulevard #200, Overland Park, KS (913) info@lockpath.com LockPath.com Page 3 of 6

4 What quality assurance procedures will you perform on the vendor s services to ensure satisfactory performance? What kind of access will this vendor have to your organization? What systems will the vendor need to access? Will the vendor have access to any sensitive or confidential information? Is the vendor following security standards, such as ISO/IEC or PCI? If the vendor requires data access, what type of permissions will it need? If the vendor requires building access, will it be accessing restricted areas? Will the vendor go through an onboarding process? What parts of your business will the vendor touch? Is training on your policies and procedures part of the vendor onboarding process? What additional training will the vendor need? Will the vendor require extra security measures either physical or virtual? Does the vendor have the necessary licenses and insurance policies to work with your organization? For Partners Will this partner be representing your brand? How will the partner communicate your brand and/or products? How will the brand guidelines and assets be delivered to the partner? What approval processes for branded materials are needed to ensure brand compliance? Will the partner need to implement your policies and procedures in its organization? What processes do you have in place for communicating your policies and procedures? How will you ensure the partner is adhering to your policies and procedures? How will you oversee remediation if the partner is not following your policies and procedures? Does the partner have international locations and operations? Does the partner have the necessary licenses and insurance policies to work with your organization? What international compliance safeguards does the partner have in place? What remediation processes do you have in place for noncompliance? Assess and Monitor Once a third party is selected and contracted, it is important to ensure it is meeting or exceeding your expectations. Ongoing monitoring of a third party s products and performance, as well as periodic assessments, is a great way to warrant quality work while remaining compliant. Assessments Will your contract include the right to issue and administer periodic performance assessments? How often will you assess the third party? What is the established timeframe for assessment response, and what are the repercussions if the third party does not answer within this timeframe? Is there a workflow established to remediate risks identified in assessments? What compliance provisions will you assess against? Will you use internal or external resources to assess the third party? What, if any, external resources will you use to assess the third party? If the third party is using subcontractors, what is your process for assessing those subcontractors? If the third party is using subcontractors, what is your process for enforcing identified risk remediation? Will your periodic assessments include a review of the third party s information security program, disaster recovery program and business continuity plans? LockPath, Inc College Boulevard #200, Overland Park, KS (913) info@lockpath.com LockPath.com Page 4 of 6

5 Monitoring Who from your organization is responsible for monitoring the third party s activities and performance? Will you conduct on-site third-party evaluation visits? How will you monitor the third party s activities to ensure compliance with local and federal regulations? How will you monitor the third party s activities to ensure compliance with your policies and practices? How often will you be testing the third party s policies against your controls? Remediate Issue and incident remediation is a key part of sustaining the risk management lifecycle. Without remediation, processes quickly break down, creating inefficiencies and increasing risk and noncompliance. Having a plan in place when issues and incidents arise will help to speed the remediation process, keeping you and your third parties compliant. Who do you hold responsible for noncompliance and incidents? Who does the third party hold responsible for noncompliance and incidents? What is your escalation process if a quality assurance issue arises or an incident occurs? What is the third party s escalation process if a quality assurance issue arises or an incident occurs? Do you have a remediation process in place if the third party fails to comply with any rules or regulations? Is there an established workflow identifying internal/external resources and tasks needed for remediation? How is your remediation process documented? How often will you review remediations to ensure they have been completed and adopted into processes? LockPath s Vendor Risk Management Solution Assessing and monitoring vendors and third parties is an arduous task if conducted manually. On the other hand, an automated system can help organizations identify, classify, monitor, and recommend risk mitigation to support business operations and regulatory requirements. LockPath s Keylight platform can simplify the steps of the Third-Party Risk Management Lifecycle by offering the following functionality: Manage Vendor Relationships Keylight helps users efficiently assess risk, communicate policies, and manage contracts, vendor profiles, and vendor performance. Survey Third Parties Users can create surveys from questions provided by content providers like Shared Assessments, or they can customize their own. Users can survey third parties by subsets and/or at different frequencies and you can bulk distribute surveys to multiple vendors in minutes. Automate Reviews and Support Audits With Keylight, users can create third-party policies and ties assessments to those policies. The platform also helps users store and document supplier due diligence and remediation activities, classify and categorize suppliers, and see a history of VRM status. Control Assessment and Monitoring Keylight provides the ability to assess the effectiveness of controls and to perform ongoing monitoring at the individual service delivery or contract level. Each contract can have mapped controls specific to the terms/conditions of that contract. Based on the risk level of the vendor, assessments based on controls can be automated and completed on a regular interval. Analytics and reporting of the assessment progress and results can be monitored in real time. LockPath, Inc College Boulevard #200, Overland Park, KS (913) info@lockpath.com LockPath.com Page 5 of 6

6 Risk Assessments and Analytics Effective vendor risk management requires qualitative and quantitative analytical tools to assess and prioritize risk, and to discover relationships and patterns. Keylight can issue vendor assessments and provide graphical analytics based on assessments. It can also assign a risk level for each vendor and generate a report on overall risk potential. Remediation Management Keylight allows users to develop action plans to identify control failures and other deficiencies and track plans to completion. It has standard remediation functionality that can create and track remediation plans against each vendor along with due dates for those plans to be completed. Exception Management Keylight makes it easy to document exceptions to control requirements and make periodic reviews of whether an exception is or is not still required. This is done through Keylight s Risk Manager, where risk exceptions can be logged, tracked and approved/denied. For more information on how the Keylight platform or to schedule a demo, contact finserv@lockpath.com or call About LockPath LockPath is a market leader in corporate governance, risk management, regulatory compliance (GRC) and information security (InfoSec) software. The company s flexible, scalable and fully integrated suite of applications is used by organizations to automate business processes, reduce enterprise risk and demonstrate regulatory compliance to achieve audit-ready status. LockPath serves a client base of global organizations ranging from small and midsize companies to Fortune 10 enterprises in more than 15 industries. The company is headquartered in Overland Park, Kansas. LockPath, Inc College Boulevard #200, Overland Park, KS (913) info@lockpath.com LockPath.com Page 6 of 6

Vendor Management. Outsourcing Technology Services

Vendor Management. Outsourcing Technology Services Vendor Management Outsourcing Technology Services Objectives Board and Senior Management Responsibilities Risk Management Program Risk Assessment Service Provider Selection Contracts Ongoing Monitoring

More information

GUIDANCE FOR MANAGING THIRD-PARTY RISK

GUIDANCE FOR MANAGING THIRD-PARTY RISK GUIDANCE FOR MANAGING THIRD-PARTY RISK Introduction An institution s board of directors and senior management are ultimately responsible for managing activities conducted through third-party relationships,

More information

White Paper: The Seven Elements of an Effective Compliance and Ethics Program

White Paper: The Seven Elements of an Effective Compliance and Ethics Program White Paper: The Seven Elements of an Effective Compliance and Ethics Program Executive Summary Recently, the United States Sentencing Commission voted to modify the Federal Sentencing Guidelines, including

More information

KNOW YOUR THIRD PARTY

KNOW YOUR THIRD PARTY Thomson Reuters KNOW YOUR THIRD PARTY EXECUTIVE SUMMARY The drive to improve profitability and streamline operations motivates many organizations to collaborate with other businesses, increase outsourcing

More information

Simplify the Complexity of Managing 3rd Party Anti-Bribery / FCPA Compliance

Simplify the Complexity of Managing 3rd Party Anti-Bribery / FCPA Compliance Simplify the Complexity of Managing 3rd Party Anti-Bribery / FCPA Compliance Arm Stakeholders with Critical Information to Assess 3rd Party Relationships and Comply with the Foreign Corrupt Practices Act

More information

Compliance Management, made easy

Compliance Management, made easy Compliance Management, made easy LOGPOINT SECURING BUSINESS ASSETS SECURING BUSINESS ASSETS LogPoint 5.1: Protecting your data, intellectual property and your company Log and Compliance Management in one

More information

Board of Directors and Management Oversight

Board of Directors and Management Oversight Board of Directors and Management Oversight Examination Procedures Examiners should request/ review records, discuss issues and questions with senior management. With respect to board and senior management

More information

White Paper THE FIVE STEPS TO MANAGING THIRD-PARTY RISK. By James Christiansen, VP, Information Risk Management

White Paper THE FIVE STEPS TO MANAGING THIRD-PARTY RISK. By James Christiansen, VP, Information Risk Management White Paper THE FIVE STEPS TO MANAGING THIRD-PARTY RISK By James Christiansen, VP, Information Management Executive Summary The Common Story of a Third-Party Data Breach It begins with a story in the newspaper.

More information

Morgan Stanley. Policy for the Management of Third Party Residential Mortgage Servicing Providers

Morgan Stanley. Policy for the Management of Third Party Residential Mortgage Servicing Providers Morgan Stanley Policy for the Management of Third Party Residential Mortgage Servicing Providers Title Policy for the Management of Third Party Residential Mortgage Servicing Providers Effective Date Owner

More information

SHARED ASSESSMENTS PROGRAM STANDARD INFORMATION GATHERING (SIG) QUESTIONNAIRE 2014 MAPPING TO OCC GUIDANCE (2013-29) ON THIRD PARTY RELATIONSHIPS

SHARED ASSESSMENTS PROGRAM STANDARD INFORMATION GATHERING (SIG) QUESTIONNAIRE 2014 MAPPING TO OCC GUIDANCE (2013-29) ON THIRD PARTY RELATIONSHIPS SHARED ASSESSMENTS PROGRAM STANDARD INFORMATION GATHERING (SIG) QUESTIONNAIRE 2014 MAPPING TO OCC GUIDANCE (2013-29) ON THIRD PARTY RELATIONSHIPS An overview of how the Shared Assessments Program SIG 2014

More information

The HIPAA Omnibus Final Rule

The HIPAA Omnibus Final Rule WHITE PAPER The HIPAA Omnibus Final Rule Four risk exposure events that can uncover compliance issues leading to investigations, potential fines, and damage to your organization s reputation. By Virginia

More information

DOUBLECHECK VENDOR MANAGEMENT

DOUBLECHECK VENDOR MANAGEMENT August 2014 DOUBLECHECK VENDOR MANAGEMENT Managing Risk & Compliance Across 3rd Party Relationships SOLUTION VIEWPOINT Governance, Risk Management & Compliance Insight 2014 GRC 20/20 Research, LLC. All

More information

Beyond Compliance: Building a Robust Ethics and Compliance Program

Beyond Compliance: Building a Robust Ethics and Compliance Program Beyond Compliance: Building a Robust Ethics and Compliance Program Overview Risks are increasing and organizations are called to develop effective compliance risk mitigation programs Today, the explosion

More information

ASTRAZENECA GLOBAL POLICY SAFEGUARDING COMPANY ASSETS AND RESOURCES

ASTRAZENECA GLOBAL POLICY SAFEGUARDING COMPANY ASSETS AND RESOURCES ASTRAZENECA GLOBAL POLICY SAFEGUARDING COMPANY ASSETS AND RESOURCES THIS POLICY SETS OUT THE REQUIREMENTS FOR SAFEGUARDING COMPANY ASSETS AND RESOURCES TO PROTECT PATIENTS, STAFF, PRODUCTS, PROPERTY AND

More information

Vendor Risk Management in the New Regulatory Environment. kpmg.com

Vendor Risk Management in the New Regulatory Environment. kpmg.com Vendor Risk Management in the New Regulatory Environment kpmg.com Vendor Risk Management in the New Regulatory Environment 2 Vendor Risk Management in the New Regulatory Environment Background Regulators

More information

White Paper on Financial Institution Vendor Management

White Paper on Financial Institution Vendor Management White Paper on Financial Institution Vendor Management Virtually every organization in the modern economy relies to some extent on third-party vendors that facilitate business operations in a wide variety

More information

VENDOR MANAGEMENT. General Overview

VENDOR MANAGEMENT. General Overview VENDOR MANAGEMENT General Overview With many organizations outsourcing services to other third-party entities, the issue of vendor management has become a noted topic in today s business world. Vendor

More information

The rise of third party relationships means rise in risk and regulation. Non-compliance is risky business for financial institutions

The rise of third party relationships means rise in risk and regulation. Non-compliance is risky business for financial institutions The rise of third party relationships means rise in risk and regulation Non-compliance is risky business for financial institutions Increasing dependency on third parties by banks has resulted in mandatory

More information

Microsoft s Compliance Framework for Online Services

Microsoft s Compliance Framework for Online Services Microsoft s Compliance Framework for Online Services Online Services Security and Compliance Executive summary Contents Executive summary 1 The changing landscape for online services compliance 4 How Microsoft

More information

8 Key Requirements of an IT Governance, Risk and Compliance Solution

8 Key Requirements of an IT Governance, Risk and Compliance Solution 8 Key Requirements of an IT Governance, Risk and Compliance Solution White Paper: IT Compliance 8 Key Requirements of an IT Governance, Risk and Compliance Solution Contents Introduction............................................................................................

More information

www.pwc.com Third Party Risk Management 12 April 2012

www.pwc.com Third Party Risk Management 12 April 2012 www.pwc.com Third Party Risk Management 12 April 2012 Agenda 1. Introductions 2. Drivers of Increased Focus on Third Parties 3. Governance 4. Third Party Risks and Scope 5. Third Party Risk Profiling 6.

More information

LRES Corporation. Best Business Practices for an Appraisal Management Company

LRES Corporation. Best Business Practices for an Appraisal Management Company LRES Corporation Best Business Practices for an Appraisal Management Company [This document outlines the key principles and characteristics of an appraisal management company. The contents contained within

More information

CFPB Consumer Laws and Regulations

CFPB Consumer Laws and Regulations General Principles and Introduction Supervised entities within the scope of CFPB s supervision and enforcement authority include both depository institutions and non-depository consumer financial services

More information

Governance, Risk, and Compliance (GRC) White Paper

Governance, Risk, and Compliance (GRC) White Paper Governance, Risk, and Compliance (GRC) White Paper Table of Contents: Purpose page 2 Introduction _ page 3 What is GRC _ page 3 GRC Concepts _ page 4 Integrated Approach and Methodology page 4 Diagram:

More information

PCI DSS READINESS AND RESPONSE

PCI DSS READINESS AND RESPONSE PCI DSS READINESS AND RESPONSE EMC Consulting Services offers a lifecycle approach to holistic, proactive PCI program management ESSENTIALS Partner with EMC Consulting for your PCI program management and

More information

EURIBOR - CODE OF OBLIGATIONS OF PANEL BANKS

EURIBOR - CODE OF OBLIGATIONS OF PANEL BANKS D2725D-2013 EURIBOR - CODE OF OBLIGATIONS OF PANEL BANKS Version: 1 October 2013 1. Objectives The European Money Markets Institute EMMI previously known as Euribor-EBF, as Administrator for the Euribor

More information

3 rd Party Vendor Risk Management

3 rd Party Vendor Risk Management 3 rd Party Vendor Risk Management Session 402 Tuesday, June 9, 2015 (11 to 12pm) Session Objectives The need for enhanced reporting on vendor risk management Current outsourcing environment Key risks faced

More information

Program Overview. CDP is a registered certification designed and administered by Identity Management Institute (IMI).

Program Overview. CDP is a registered certification designed and administered by Identity Management Institute (IMI). Overview Certified in Data Protection (CDP) is a comprehensive global training and certification program which leverages international security standards and privacy laws to teach candidates on how to

More information

FAQs about ALTA Best Practices for Real Estate Settlement Attorneys and Title Companies

FAQs about ALTA Best Practices for Real Estate Settlement Attorneys and Title Companies Why do I need to have ALTA Best Practices policies and procedures in place and have a CPA give assurance on my compliance to mortgage lenders? In accordance with Consumer Financial Protection Bureau (CFPB)

More information

WHITE PAPER Leveraging GRC for PCI DSS Compliance. By: Chris Goodwin, Co-founder and CTO, LockPath

WHITE PAPER Leveraging GRC for PCI DSS Compliance. By: Chris Goodwin, Co-founder and CTO, LockPath WHITE PAPER Leveraging GRC for PCI DSS Compliance By: Chris Goodwin, Co-founder and CTO, LockPath The Payment Card Industry Data Security Standard ( PCI DSS ) is set forth by a consortium of payment card

More information

Risk Management of Outsourced Technology Services. November 28, 2000

Risk Management of Outsourced Technology Services. November 28, 2000 Risk Management of Outsourced Technology Services November 28, 2000 Purpose and Background This statement focuses on the risk management process of identifying, measuring, monitoring, and controlling the

More information

SecureGRC TM - Cloud based SaaS

SecureGRC TM - Cloud based SaaS - Cloud based SaaS Single repository for regulations and standards Centralized repository for compliance related organizational data Electronic workflow to speed up communications between various entries

More information

Any business relationship between a bank and another entity, by contract or otherwise

Any business relationship between a bank and another entity, by contract or otherwise An Overview for Bank Directors Managing the Third Party Relationship Patrick Neuman Boardman & Clark LLP Madison, Wisconsin Any business relationship between a bank and another entity, by contract or otherwise

More information

The PNC Financial Services Group, Inc. Business Continuity Program

The PNC Financial Services Group, Inc. Business Continuity Program The PNC Financial Services Group, Inc. Business Continuity Program subsidiaries) 1 Content Overview A. Introduction Page 3 B. Governance Model Page 4 C. Program Components Page 4 Business Impact Analysis

More information

White Paper Achieving PCI Data Security Standard Compliance through Security Information Management. White Paper / PCI

White Paper Achieving PCI Data Security Standard Compliance through Security Information Management. White Paper / PCI White Paper Achieving PCI Data Security Standard Compliance through Security Information Management White Paper / PCI Contents Executive Summary... 1 Introduction: Brief Overview of PCI...1 The PCI Challenge:

More information

New York State Department of Financial Services. Update on Cyber Security in the Banking Sector: Third Party Service Providers

New York State Department of Financial Services. Update on Cyber Security in the Banking Sector: Third Party Service Providers New York State Department of Financial Services Update on Cyber Security in the Banking Sector: Third Party Service Providers April 2015 Update on Cyber Security in Banking Sector: Third-Party Service

More information

Mental Health Resources, Inc. Mental Health Resources, Inc. Corporate Compliance Plan Corporate Compliance Plan

Mental Health Resources, Inc. Mental Health Resources, Inc. Corporate Compliance Plan Corporate Compliance Plan Mental Health Resources, Inc. Mental Health Resources, Inc. Corporate Compliance Plan Corporate Compliance Plan Adopted: January 2, 2007 Revised by Board of Directors on September 4, 2007 Revised and Amended

More information

2014 Vendor Risk Management Benchmark Study

2014 Vendor Risk Management Benchmark Study 2014 Vendor Risk Management Benchmark Study Introduction/Executive Summary You can have all the security in the world inside your company s four walls, but all it takes is a compromise at one third-party

More information

Welcome to Modulo Risk Manager Next Generation. Solutions for GRC

Welcome to Modulo Risk Manager Next Generation. Solutions for GRC Welcome to Modulo Risk Manager Next Generation Solutions for GRC THE COMPLETE SOLUTION FOR GRC MANAGEMENT GRC MANAGEMENT AUTOMATION EASILY IDENTIFY AND ADDRESS RISK AND COMPLIANCE GAPS INTEGRATED GRC SOLUTIONS

More information

Table of Contents... 1. Chapter 1 Introduction... 5. 1.1 Goals & Objectives... 5 1.2 Required Review... 5 1.3 Applicability...

Table of Contents... 1. Chapter 1 Introduction... 5. 1.1 Goals & Objectives... 5 1.2 Required Review... 5 1.3 Applicability... ... 1 Chapter 1 Introduction... 5 1.1 Goals & Objectives... 5 1.2 Required Review... 5 1.3 Applicability... 5 Chapter 2 Company Culture... 6 Chapter 3 Risk Management Governance... 7 3.1 Board of Directors...

More information

Request for Proposal. Contract Management Software

Request for Proposal. Contract Management Software Request for Proposal Contract Management Software Ogden City Information Technology Division RETURN TO: Ogden City Purchasing Agent 2549 Washington Blvd., Suite 510 Ogden, Utah 84401 Attn: Sandy Poll 1

More information

Attaining HIPAA Compliance with Retina Vulnerability Assessment Technology

Attaining HIPAA Compliance with Retina Vulnerability Assessment Technology l Attaining HIPAA Compliance with Retina Vulnerability Assessment Technology Overview The final privacy rules for securing electronic health care became effective April 14th, 2003. These regulations require

More information

Copyright 2012, General Dynamics Information Technology. All Rights Reserved.

Copyright 2012, General Dynamics Information Technology. All Rights Reserved. Introduction Over the years, General Dynamics Information Technology has experienced significant growth in its IT services business serving government and commercial customers worldwide. As a valued supplier

More information

Minimize Access Risk and Prevent Fraud With SAP Access Control

Minimize Access Risk and Prevent Fraud With SAP Access Control SAP Solution in Detail SAP Solutions for Governance, Risk, and Compliance SAP Access Control Minimize Access Risk and Prevent Fraud With SAP Access Control Table of Contents 3 Quick Facts 4 The Access

More information

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive

More information

BIG SHIFT TO CLOUD-BASED SECURITY

BIG SHIFT TO CLOUD-BASED SECURITY GUIDE THE BIG SHIFT TO CLOUD-BASED SECURITY How mid-sized and smaller organizations can manage their IT risks and meet regulatory compliance with minimal staff and budget. CONTINUOUS SECURITY TABLE OF

More information

Preemptive security solutions for healthcare

Preemptive security solutions for healthcare Helping to secure critical healthcare infrastructure from internal and external IT threats, ensuring business continuity and supporting compliance requirements. Preemptive security solutions for healthcare

More information

AstraZeneca US Compliance Program

AstraZeneca US Compliance Program AstraZeneca US Compliance Program Key Objectives AstraZeneca's US Compliance Program is focused on two equally important objectives: Exercising due diligence to prevent, detect and correct unlawful conduct

More information

University of New England Compliance Management Framework and Procedures

University of New England Compliance Management Framework and Procedures University of New England Compliance Management Framework and Procedures Document data: Document type: Administering entity: Framework and Procedures Audit and Risk Directorate Records management system

More information

Self-Service SOX Auditing With S3 Control

Self-Service SOX Auditing With S3 Control Self-Service SOX Auditing With S3 Control The Sarbanes-Oxley Act (SOX), passed by the US Congress in 2002, represents a fundamental shift in corporate governance norms. As corporations come to terms with

More information

White Paper Achieving GLBA Compliance through Security Information Management. White Paper / GLBA

White Paper Achieving GLBA Compliance through Security Information Management. White Paper / GLBA White Paper Achieving GLBA Compliance through Security Information Management White Paper / GLBA Contents Executive Summary... 1 Introduction: Brief Overview of GLBA... 1 The GLBA Challenge: Securing Financial

More information

AssurX Makes Quality & Compliance a Given Not Just a Goal

AssurX Makes Quality & Compliance a Given Not Just a Goal AssurX Makes Quality & Compliance a Given Not Just a Goal TRACK. MANAGE. AUTOMATE. IMPROVE. AssurX s powerfully flexible software unites and coordinates information, activities and documentation in one

More information

Key USP s. Multiple PCI level GRC tool

Key USP s. Multiple PCI level GRC tool PCI GRC tool Introduction GP history Visa level 1 approved hosting facility Niche product for a specific problem Reduce BAU cost and cost of PCI compliance Reduce cost in managing 3rd parties PCI stakeholder

More information

Using Automated, Detailed Configuration and Change Reporting to Achieve and Maintain PCI Compliance Part 4

Using Automated, Detailed Configuration and Change Reporting to Achieve and Maintain PCI Compliance Part 4 WHITEPAPER Using Automated, Detailed Configuration and Change Reporting to Achieve and Maintain PCI Compliance Part 4 An in-depth look at Payment Card Industry Data Security Standard Requirements 10, 11,

More information

Muscle to Protect Your Grid July 2009. Sustainable and Cost-effective Muscle to Protect Your Grid

Muscle to Protect Your Grid July 2009. Sustainable and Cost-effective Muscle to Protect Your Grid July 2009 Sustainable and Cost-effective Muscle to Protect Your Grid Page 2 Ensuring the reliability of the North American power grid is no small task and one that continues to grow in complexity on a

More information

What are the PCI DSS requirements? PCI DSS comprises twelve requirements, often referred to as the digital dozen. These define the need to:

What are the PCI DSS requirements? PCI DSS comprises twelve requirements, often referred to as the digital dozen. These define the need to: What is the PCI standards council? The Payment Card Industry Standards Council is an institution set-up by American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International

More information

CA HalvesThe Cost Of Testing IT Controls For Sarbanes-Oxley Compliance With Unified Processes.

CA HalvesThe Cost Of Testing IT Controls For Sarbanes-Oxley Compliance With Unified Processes. TECHNOLOGY BRIEF: REDUCING COST AND COMPLEXITY WITH GLOBAL GOVERNANCE CONTROLS CA HalvesThe Cost Of Testing IT Controls For Sarbanes-Oxley Compliance With Unified Processes. Table of Contents Executive

More information

Sparta Systems. Proven Enterprise Quality Management Solutions

Sparta Systems. Proven Enterprise Quality Management Solutions Sparta Systems Proven Enterprise Quality Management Solutions Sparta Systems global enterprise quality management solutions (EQMS) enable high-value organizations to safely and efficiently deliver products

More information

RISK MANAGEMENT PROGRAM THAT WORKS FOUR KEYS TO CREATING A VENDOR. HEADQUARTERS 33 Bradford Street Concord, MA 01742 PHONE: 978-451-7655

RISK MANAGEMENT PROGRAM THAT WORKS FOUR KEYS TO CREATING A VENDOR. HEADQUARTERS 33 Bradford Street Concord, MA 01742 PHONE: 978-451-7655 FOUR KEYS TO CREATING A VENDOR RISK MANAGEMENT PROGRAM THAT WORKS HEADQUARTERS 33 Bradford Street Concord, MA 01742 PHONE: 978-451-7655 FOUR KEYS TO CREATING A VENDOR RISK MANAGEMENT PROGRAM THAT WORKS

More information

Head of Information & Communications Technology Responsible work team: ICT Security. Key point summary... 2

Head of Information & Communications Technology Responsible work team: ICT Security. Key point summary... 2 Policy Procedure Information security policy Policy number: 442 Old instruction number: MAN:F005:a1 Issue date: 24 August 2006 Reviewed as current: 11 July 2014 Owner: Head of Information & Communications

More information

DRAFT. Anti-Bribery and Anti-Corruption Policy. Introduction. Scope. 1. Definitions

DRAFT. Anti-Bribery and Anti-Corruption Policy. Introduction. Scope. 1. Definitions DRAFT Change History: Anti-Bribery and Anti-Corruption Policy Control Risks Group Ltd Commercial in confidence Introduction This document defines Control Risks policy on the avoidance of bribery and corruption.

More information

Compliance Risk Assessment and 3 rd Party Due Diligence & Monitoring

Compliance Risk Assessment and 3 rd Party Due Diligence & Monitoring Advisory Services May, 2011 Compliance Risk Assessment and 3 rd Party Due Diligence & Monitoring Compliance Risk Strategy 3 rd Party Due Diligence 3rd Party Auditing The differing ways in which a company

More information

KLC Consulting, Inc. All Rights Reserved. 1 THIRD PARTY (VENDOR) SECURITY RISK MANAGEMENT

KLC Consulting, Inc. All Rights Reserved. 1 THIRD PARTY (VENDOR) SECURITY RISK MANAGEMENT 1 THIRD PARTY (VENDOR) SECURITY RISK MANAGEMENT About Kyle Lai 2 Kyle Lai, CIPP/G/US, CISSP, CISA, CSSLP, BSI Cert. ISO 27001 LA President of KLC Consulting, Inc. Over 20 years in IT and Security Security

More information

Information Security Program

Information Security Program Stephen F. Austin State University Information Security Program Revised: September 2014 2014 Table of Contents Overview... 1 Introduction... 1 Purpose... 1 Authority... 2 Scope... 2 Information Security

More information

Financial Services Guidance Note Outsourcing

Financial Services Guidance Note Outsourcing Financial Services Guidance Note Issued: April 2005 Revised: August 2007 Table of Contents 1. Introduction... 3 1.1 Background... 3 1.2 Definitions... 3 2. Guiding Principles... 5 3. Key Risks of... 14

More information

Cisco Global Commerce Audit Preparation Document, v4.0

Cisco Global Commerce Audit Preparation Document, v4.0 Cisco Global Commerce Audit Preparation Document, v4.0 Table of Contents Introduction... 2 1 Audit Process and Methodology 1.1 Audit Scheduling... 3 1.2 Role of Audit Participants... 3 1.3 Audit Findings

More information

PCI DSS. Payment Card Industry Data Security Standard. www.tuv.com/id

PCI DSS. Payment Card Industry Data Security Standard. www.tuv.com/id PCI DSS Payment Card Industry Data Security Standard www.tuv.com/id What Is PCI DSS? PCI DSS (Payment Card Industry Data Security Standard) is the common security standard of all major credit cards brands.the

More information

Vendor Document Management. Advanced solutions for managing vendor data.

Vendor Document Management. Advanced solutions for managing vendor data. Vendor Document Management Advanced solutions for managing vendor data. Cambridge University Cambridge, England, U.K. Project Value: US$1.7 billion Managing vendor data can be a difficult, time-consuming

More information

OUTSOURCING DUE DILIGENCE FORM

OUTSOURCING DUE DILIGENCE FORM OUTSOURCING DUE DILIGENCE FORM SERVICE TO BE OUTSOURCED 1. Type of service to be outsourced: Accounting/Finance: Compliance Consulting: Legal Services: Administrative Functions: Information Technology:

More information

Management of Cloud Computing Contracts and Environment

Management of Cloud Computing Contracts and Environment Management of Cloud Computing Contracts and Environment Audit Report Report Number IT-AR-14-009 September 4, 2014 Cloud computing contracts did not comply with Postal Service standards. Background The

More information

HIPAA: Compliance Essentials

HIPAA: Compliance Essentials HIPAA: Compliance Essentials Presented by: Health Security Solutions August 15, 2014 What is HIPAA?? HIPAA is Law that governs a person s ability to qualify immediately for health coverage when they change

More information

High-Risk User Monitoring

High-Risk User Monitoring Whitepaper High-Risk User Monitoring Using ArcSight IdentityView to Combat Insider Threats Research 037-081910-02 ArcSight, Inc. 5 Results Way, Cupertino, CA 95014, USA www.arcsight.com info@arcsight.com

More information

VENDOR RISK MANAGEMENT UPDATE- ARE YOU AT RISK? Larry L. Llirán, CISA, CISM December 10, 2015 ISACA Puerto Rico Symposium

VENDOR RISK MANAGEMENT UPDATE- ARE YOU AT RISK? Larry L. Llirán, CISA, CISM December 10, 2015 ISACA Puerto Rico Symposium 1 VENDOR RISK MANAGEMENT UPDATE- ARE YOU AT RISK? Larry L. Llirán, CISA, CISM December 10, 2015 ISACA Puerto Rico Symposium 2 Agenda Introduction Vendor Management what is? Available Guidance Vendor Management

More information

Privacy Governance and Compliance Framework Accountability

Privacy Governance and Compliance Framework Accountability Privacy Governance and Framework Accountability Agenda Global Data Protection and Privacy (DPP) Organization Structure Privacy The 3 Lines of Defense (LOD) Model: Overview Privacy The 3 Lines of Defense

More information

Data Recovery Service Providers: The Low Profile, High Impact Risk to Enterprise Security

Data Recovery Service Providers: The Low Profile, High Impact Risk to Enterprise Security Data Recovery Service Providers: The Low Profile, High Impact Risk to Enterprise Security Lynda C. Martel Executive Director, Government & Enterprise Business Relations DriveSavers Data Recovery, Inc.

More information

I S O I E C 2 7 0 0 2 2 0 1 3 I N F O R M A T I O N S E C U R I T Y A U D I T T O O L

I S O I E C 2 7 0 0 2 2 0 1 3 I N F O R M A T I O N S E C U R I T Y A U D I T T O O L 15.1 ESTABLISH SECURITY AGREEMENTS WITH SUPPLIERS 15.1.1 EXPECT SUPPLIERS TO COMPLY WITH RISK MITIGATION AGREEMENTS Do you clarify the information security risks that exist whenever your suppliers have

More information

Security management White paper. Develop effective user management to demonstrate compliance efforts and achieve business value.

Security management White paper. Develop effective user management to demonstrate compliance efforts and achieve business value. Security management White paper Develop effective user management to demonstrate compliance efforts and achieve business value. September 2008 2 Contents 2 Overview 3 Understand the challenges of user

More information

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES SD 0880/10 INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES Laid before Tynwald 16 November 2010 Coming into operation 1 October 2010 The Supervisor, after consulting

More information

THIRD PARTY. T i m L i e t z R e g i o n a l P r a c t i c e L e a d e r R i s k A d v i s o r y S e r v i c e s

THIRD PARTY. T i m L i e t z R e g i o n a l P r a c t i c e L e a d e r R i s k A d v i s o r y S e r v i c e s MANAGING THIRD PARTY RISK T i m L i e t z R e g i o n a l P r a c t i c e L e a d e r R i s k A d v i s o r y S e r v i c e s Experis -- a different kind of talent company. Experis Tuesday, January 08,

More information

Blind spot Banks are increasingly outsourcing more activities to third parties. But they can t outsource the risks.

Blind spot Banks are increasingly outsourcing more activities to third parties. But they can t outsource the risks. Blind spot Banks are increasingly outsourcing more activities to third parties. But they can t outsource the risks. For anyone familiar with the banking industry, it comes as no surprise that banks are

More information

Supplier Code of Conduct. Effective May 1, 2015. Ethics. Matters

Supplier Code of Conduct. Effective May 1, 2015. Ethics. Matters Supplier Code of Conduct Effective May 1, 2015 Ethics Matters Message from the Chief Procurement Officer Duke Energy is driven to improve the lives of our customers and the vitality of our communities

More information

Electronic Records Management

Electronic Records Management Electronic Records Management HOW TRANSIT AGENCIES CAN LEVERAGE THEIR USE What is Electronic Records Management Electronic Records Management (ERM) utilizes technology to enable the indexing, imaging,

More information

SITA Security Requirements for Third-Party Service Providers that Access, Process, Store or Transmit Data on Behalf of SITA

SITA Security Requirements for Third-Party Service Providers that Access, Process, Store or Transmit Data on Behalf of SITA SITA Information Security SITA Security Requirements for Third-Party Service Providers that Access, Process, Store or Transmit Data on Behalf of SITA September, 2012 Contents 1. Introduction... 3 1.1 Overview...

More information

How RSA has helped EMC to secure its Virtual Infrastructure

How RSA has helped EMC to secure its Virtual Infrastructure How RSA has helped EMC to secure its Virtual Infrastructure A new solution, the RSA solution for Cloud Security and Compliance, has been developed and is now available to all of our customers. Luciano

More information

PROTEUS Enterprise - IT Governance, Risk and Compliance Management Solution

PROTEUS Enterprise - IT Governance, Risk and Compliance Management Solution PROTEUS Enterprise - IT Governance, Risk and Compliance Management Solution 1. The Challenge Large enterprises are experiencing an ever increasing burden of regulation and legislation against which they

More information

Statement of Procurement Conduct

Statement of Procurement Conduct Statement of Procurement Conduct December 2014 Copyright of Western Power Any use of this material except in accordance with a written agreement with Western Power is prohibited. Introduction Western Power

More information

TO: Chief Executive Officers of National Banks, Federal Branches and Data-Processing Centers, Department and Division Heads, and Examining Personnel

TO: Chief Executive Officers of National Banks, Federal Branches and Data-Processing Centers, Department and Division Heads, and Examining Personnel AL 2000 12 O OCC ADVISORY LETTER Comptroller of the Currency Administrator of National Banks Subject: Risk Management of Outsourcing Technology Services TO: Chief Executive Officers of National Banks,

More information

DUE DILIGENCE Designing and Implementing a Three-Step Cybersecurity Framework for Assessing and Vetting Third Parties (Part One of Two)

DUE DILIGENCE Designing and Implementing a Three-Step Cybersecurity Framework for Assessing and Vetting Third Parties (Part One of Two) DUE DILIGENCE Designing and Implementing a Three-Step Cybersecurity Framework for Assessing and Vetting Third Parties (Part One of Two) By Amy Terry Sheehan Vendors and other third parties are vital to

More information

WHITE PAPER. Mitigate BPO Security Issues

WHITE PAPER. Mitigate BPO Security Issues WHITE PAPER Mitigate BPO Security Issues INTRODUCTION Business Process Outsourcing (BPO) is a common practice these days: from front office to back office, HR to accounting, offshore to near shore. However,

More information

THE VENDOR MANAGER S GUIDE TO RISK REDUCTION FIVE PRACTICAL STEPS FOR SUCCESSFUL REMEDIATION

THE VENDOR MANAGER S GUIDE TO RISK REDUCTION FIVE PRACTICAL STEPS FOR SUCCESSFUL REMEDIATION THE VENDOR MANAGER S GUIDE TO RISK REDUCTION FIVE PRACTICAL STEPS FOR SUCCESSFUL REMEDIATION HEADQUARTERS 33 Bradford Street Concord, MA 01742 PHONE: 978-451-7655 RISK REMEDIATION ENABLES EFFECTIVE BUSINESS-VENDOR

More information

Digital Asset Manager, Digital Curator. Cultural Informatics, Cultural/ Art ICT Manager

Digital Asset Manager, Digital Curator. Cultural Informatics, Cultural/ Art ICT Manager Role title Digital Cultural Asset Manager Also known as Relevant professions Summary statement Mission Digital Asset Manager, Digital Curator Cultural Informatics, Cultural/ Art ICT Manager Deals with

More information

CFPB Readiness Series: Compliant Vendor Management Overview

CFPB Readiness Series: Compliant Vendor Management Overview CFPB Readiness Series: Compliant Vendor Management Overview Legal Disclaimer This information is not intended to be legal advice and may not be used as legal advice. Legal advice must be tailored to the

More information

Overview of Topics Covered

Overview of Topics Covered How to Effectively Collaborate with Cloud Providers Agenda Overview of Topics Covered Agenda Evolution of the Cloud Comparison of Private vs. Public Clouds Other Regulatory Frameworks Similar to HIPAA

More information

Finance. Resources. Operations. Marketing. Workflow Hero s Line of Business. Conversation Guide. www.nintex.com

Finance. Resources. Operations. Marketing. Workflow Hero s Line of Business. Conversation Guide. www.nintex.com Human Resources IT Finance Operations Sales Marketing Workflow Hero s Line of Business Conversation Guide www.nintex.com CONTENTS INTRODUCTION...................................................... 3 HUMAN

More information

HITRUST CSF Assurance Program You Need a HITRUST CSF Assessment Now What?

HITRUST CSF Assurance Program You Need a HITRUST CSF Assessment Now What? HITRUST CSF Assurance Program You Need a HITRUST CSF Assessment Now What? Introduction This material is designed to answer some of the commonly asked questions by business associates and other organizations

More information

How To Audit Cloud Computing

How To Audit Cloud Computing Assessing the Audit Impact of Cloud Computing kpmg.com 1 Assessing the Audit Impact of Cloud Computing Cloud Computing Cloud computing is becoming an important IT strategy for entities that need varying

More information

OC Chapter. Vendor Risk Management. Cover the basics of a good VRM program, standards, frameworks, pitfall and best outcomes.

OC Chapter. Vendor Risk Management. Cover the basics of a good VRM program, standards, frameworks, pitfall and best outcomes. OC Chapter Vendor Risk Management. Cover the basics of a good VRM program, standards, frameworks, pitfall and best outcomes. 2 Why Assess a Vendor? You don t want to be a Target for hackers via your vendors

More information