Protecting your data against unauthorized access and cyberattacks is hard. And, cybersecurity teams often question if they are doing enough to secure their most precious asset.
Besides single-party vulnerabilities, third-party threats are the source of 67% of data breaches.
Third parties are never the real target, though– you are. Remember the SolarWinds attack that affected many government agencies and Fortune 500 companies? This supply chain attack targeted third parties with access to SolarWinds systems– third parties were a means to the crown jewels. Cybercriminals want your data, and managing your data risk will mitigate the potential damages to your company. As such, it is essential to understand who has access to your data, what type of access they have, and what would happen if a third-party breach occurred.
In this article, we’ll discuss the importance of data risk management and data protection in today’s workplace, common data risks companies face, challenges with data risk management and identification, and best practices for managing data risks.
What is Data Risk Management?
To start, what exactly is data risk management? It’s a process that involves identifying and assessing how susceptible your data is to cyber criminals. Data risk management also involves the strategic plans that are put in place to minimize those risks, whether they are single-party or third-party threats. Common measures often include data encryption, regular backups, access controls, security audits, and incident response plans.
Most organizations share a few common data risk management goals:
- Protect the confidentiality, integrity, and availability of an organization’s data; to minimize the impact of any data breaches or other security incidents.
- Maintain data integrity by ensuring that it is accurate and complete, as well as unmodified and untampered with in unauthorized ways.
- Ensure data is securely accessible by only authorized parties when needed.
- Minimize the impact of any data breaches or other security incidents by having response plans to quickly detect, contain, and recover from security incidents.
- Comply with relevant laws, regulations, and industry standards related to data protection.
- Continuously improve the overall risk management approach by monitoring, evaluating, and updating organizational data protection practices.
Common Third-Party Data Management Risks Faced by Companies Today
Third-party data breaches refer to a security incident in which sensitive information is accessed or disclosed by a third-party vendor or service provider. Third parties can include contractors, suppliers, or business partners. Breaches often occur due to a lack of security controls, human error, or malicious intent. Understanding common data risks enables you to manage your vulnerabilities more efficiently.
Insufficient Data Protection
Cybercriminals are constantly hunting for weaknesses in data protection methods, security, and even with employees. And if they find an “in,” sensitive company data is viewed, copied, changed, or stolen by unauthorized individuals for malicious purposes. In addition to the first-party challenges, if you don’t have visibility into the level of security controls that your third parties have (or don’t have), you’ve got even more potential risks.
For example, a third-party vendor may not have adequate data encryption, leaving sensitive information accessible to an attacker. Or don’t overlook the possibility of targeted spear-phishing attacks and the risks third-party social engineering gaps pose.
Third-party data breaches can have severe consequences for the companies whose data is affected, including financial losses, reputational damage, legal liabilities, and loss of customer trust. They can also lead to non-compliance with data protection regulations.
Non-Compliance With Industry Regulations
Third-party vendors may not be compliant with relevant laws and regulations related to data protection and privacy, such as the General Data Protection Regulation (GDPR) or the Health Insurance Portability and Accountability Act (HIPAA). Verifying vendor compliance with statutory and industry-specific requirements keeps you out of hot water and ensures you won’t be penalized for non-compliance.
Varied Assessment Data Quality
Keep in mind a risk assessment questionnaire is self-reported data. The responses are subject to human error, incomplete responses, or simply do not provide enough information about how data is protected and handled. They are also a snapshot in time and may not reflect recent changes to a third party’s security posture. Are security assessments worth the time? Yes, but if assessments are the only information you use, your organization likely has third-party risk blind spots.
Changes in Third-Party Security Posture
Continuous monitoring of third parties is essential to effective data risk management, enabling organizations to manage risks proactively and respond quickly to incidents. Continuous monitoring can alert you to:
Changes in third-party risk profile: The risk profile of third-party vendors can change over time due to new security threats, organizational changes, or dark web activity. Continuous monitoring allows you to identify and assess these changes and adjust your risk management strategies accordingly.
Timely detection of security incidents: No one wants to learn from a news headline that a third party was breached. Continuous monitoring detects security incidents or breaches in real-time or near-real-time, enabling you to respond quickly and mitigate the impact of the incident.
Change in compliance standards: Did one of your third parties have a recent compliance issue? Continuous monitoring alerts you to the change.
Challenges with Data Risk Management and Risk Identification
Identifying where your data risk lies can be complicated due to the sheer volume and complexity of third parties. In fact, the average organization uses over 6,000 third-party vendors, according to a recent report. As a result, many organizations struggle with understanding exactly where their most pressing risks are and how best to manage them. It is also difficult for businesses to gain the insights they need to make informed decisions about the security posture of their vendors.
Managing a vast third-party ecosystem also makes it difficult to know who has access to sensitive data, what capacity they have access to that data, and at what level. As a customer, you must know which vendors have access to your data and, if one is breached, what the potential ramifications are with your system.
Tips and Best Practices for Managing Data Risk
Even though challenges arise, identifying your third-party data risk gaps and minimizing weaknesses from your vendors should be prioritized. Here are some tips and best practices to manage this risk and proactively tackle these challenges head-on.
Conduct thorough due diligence.
Before working with a third-party vendor, thoroughly research the vendor’s data management practices and assess potential risks. Review the vendor’s security policies and procedures and conduct on-site inspections if applicable. Read more on how to conduct third-party due diligence. As previously mentioned, a risk assessment is just one piece of your evaluation.
CyberGRX’s comprehensive third-party risk management platform empowers you with cyber risk intelligence, with the data plus application tools you need to make more informed vendor decisions. Curious about what’s possible? Check it out.
Focus your attention on your riskiest vendors.
If you’re struggling with identifying your most significant security risks among all the third parties you work with, you’re not alone– it’s been a gap in our industry until recently.
For this reason, CyberGRX developed Portfolio Risk Findings– a tool that allows you to view all your third parties against the industry framework you prefer, whether compliance or threat-based. Using both attested data and predictive risk profiles (US patent pending), your portfolio risk findings include a detailed report measured against control coverages and your selected framework, returning a score between 1% to 100%. This score helps you identify where your third parties fall on the risk spectrum, from high to low risk. As a result, you’ll gain visibility into your riskiest third parties and be able to filter vendors by each unmet control. If you’d like to preview this unique and proprietary feature, please book a demo time now.
Establish clear contract agreements and policies.
Create clear contract agreements and service policies with your third parties, outlining their respective responsibilities and obligations related to data protection. Collaborate with your third party to address your concerns and requirements for data encryption, access controls, incident response planning, and regular security audits.
Additionally, inherent risk analysis allows you to look at the likelihood that a third party will experience an incident, which third parties pose the most risk, and how bad an incident could be if it occurs. From there, you can prioritize your assessment strategy and discuss contractual agreements should your third party be breached.
Regularly monitor and evaluate vendors.
Establish processes to monitor and assess your third-party vendors’ data management practices regularly. CyberGRX’s third-party threat tools enable you to identify, analyze, and monitor potential and changing security threats from your third parties so that you can respond quickly and precisely.
Implement incident response plans.
Incident response plans are imperative to detect, contain, and respond to third-party data breaches or other security incidents. Clearly outline the procedures for reporting and dealing with third-party incidents. Your cybersecurity policy should also have a team in place who is ready to be notified if a third-party incident takes place.
Summary
Data risk management is essential for every organization, as it provides insight into potential vulnerabilities and enables you to respond quickly if an attack does occur. However, identifying where your data risk lies can be complicated due to the sheer volume and complexity of today’s networks, third-party vendors, and other factors. But with the right data, tools, and proper planning, you can feel confident in the steps you’ve taken to mitigate your most pressing data-related risks.
For more on managing your third-party risk and uncovering hidden vulnerabilities, we invite you to book a demo to see the CyberGRX platform in action.
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CyberGRX is the Cyber Risk Intelligence industry leader. Within the CyberGRX Exchange, we have an..
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CyberGRX Named Winner In 10th Annual...
CyberGRX recognized as Hot Company in the Third-Party Cyber Risk Management (TPCRM) category for its..
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How an Exchange Supports an Effective...
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3 Questions Healthcare Organizations Should Consider...
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Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market..
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Why Third-Party Risk Management Saves Businesses...
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How Remote Work Has Changed On-Site...
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CyberGRX Product Guide
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Protecting Your Network From the Increased...
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Social Engineering: How to Not Be...
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Understanding Your Cybersecurity Risks During the...
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War in Ukraine: Monitoring Resiliency in...
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Beyond Risk Management: How Cyber Risk...
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Log4Shell and Threat Profiles
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Log4Shell and Third-Party Vendors: How Will...
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The Difference Between Third-Party Cyber Risk...
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How To Create a Results-Driven Supplier...
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5 Easy Ways to Increase Your...
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How Predictive Analytics Will Keep You...
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Predictive Risk Profiles Data Sheet
Predictive Risk Profiles from CyberGRX revolutionize the approach to third-party cyber risk management. By applying..
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3 Steps to Better Vendor Risk...
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Expert Interview: Continuous Monitoring of Third-Party...
ProcessUnity discusses best practices for continuous monitoring of third-party vendor risk with BitSight, a leading..
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ISACA Summit Replay: Cybersecurity is an...
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Inherent Risk vs. Residual Risk in...
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ProcessUnity Team Kicks Off National Day...
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UK PRA Guidelines: New Strategies for...
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What the Biden Administration's Executive Order...
The Biden Administration is prioritizing the nation’s cybersecurity with an executive order to modernize cybersecurity defenses and protect..
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Ransomware & Your Third Parties: A...
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Introducing Enhanced Portfolio Management Features
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How to Create a Mature Third-Party...
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ESG Reporting Mandates to Know for...
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Ransomware Vendor Ecosystem Visibility Report
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Exchanges, GRC Tools, and Risk Scans:...
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Supplier Risk Management Strategies for Healthcare...
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Recently, thousands of Kaseya VSA servers were exploited using a malicious update payload. Bypassing access..
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The Next Kaseya Breach is Around...
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Risk Assessment Methodology Data Sheet
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Anatomy of a Third-Party Data Breach
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Cybersecurity Analytics: Integration With the MITRE...
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Money laundering; bribery and corruption; drug trafficking; and terrorism financing are issues that are rapidly infiltrating business operations. In recent years,..
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The Emerging Importance of ESG-Related Risk Environmental, social, and governance (ESG) and its role in vendor..
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The Intersection of Third-Party Risk and...
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Cybersecurity Accountability Requires Enterprise-Wide Involvement
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8 Key Reports You Need for...
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Stay Ahead of the Cybersecurity Threat...
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Checklist: TPCRM in the Retail Industry
The CyberGRX platform brings visibility, scalability, and accuracy to third-party cyber risk management programs (TPCRM)..
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Regulations and compliance requirements are constantly changing, and this can make it challenging to efficiently maintain compliance...
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Quantifying inherent risk for third parties is one of the most important aspects of a..
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The Cyber Info Exchange Episode 6:...
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What Is Third-Party Risk Management: The...
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The Importance of a Flexible Cybersecurity...
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EBA Guidelines and Supplier Risk Management
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How to Stop the Next SolarWinds...
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Reporting on the State of Your...
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Cybersecurity Risk has Changed the Chief...
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How to Address The Top Third-Party...
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What is a Cybersecurity Framework?
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8 Benefits of Completing a CyberGRX...
CyberGRX modernizes and streamlines redundant and inefficient processes that come with shared and static..
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Are Third-Party Cloud Applications Putting Your...
In May of 2017, it was discovered that an exposed data repository, an AWS S3..
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Third-Party Risk Management Best Practices
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Blackstone ROI One-Pager
Contact us today CyberGRX’s platform has helped Blackstone create a more efficient third-party risk management..
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When they determined the number of third-party cyber risk assessments they’d be doing was going..
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Blackstone Case Study
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TPCRM 101 Guidebook
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Gartner Names ProcessUnity a Leader in...
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Why Vendor Risk Management Should Be...
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QBE: Improving Oversight of Third Parties...
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Auto Inherent Risk Data Sheet
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Pandemic Questionnaire Guidance & Vendor Assessment...
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The Cyber Info Exchange Episode 4:...
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ComplySci ROI One-Pager
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How Third-Party Risk Management Can Help...
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APRA CPS 234: Everything You Need...
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Metrics to Avoid When Discussing Cybersecurity...
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2019 Was A Banner Year for...
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Outside-In Scanning Is Not Cyber Risk...
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ProcessUnity Scores Highest in Gartner 2019...
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CPG Case Study
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ProcessUnity Positioned as a Leader in...
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What the European Banking Authority Guidelines...
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The Latest Retail Breaches: Third-Party Data...
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CyberGRX Enriches Third-Party Cyber Risk Management...
CyberGRX Auto Inherent Risk Automates a Time-Consuming, but Critical Step, Bringing Immediate and Valuable Insights..
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Hey Third Parties! Here's How to...
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Tips for Preparing For Your Third-Party...
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How Financial Ratings and Cybersecurity Scores...
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Poll: Over Half of Risk Managers...
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First GDPR, Now CCPA: Manage Your...
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Essential Technical Security Controls to Promote...
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Evaluating Third-Party Risk Management Software? Speed...
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It’s a Wrap: Four Takeaways from...
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Creating a Third-Party Cyber Risk Management...
I’ve spent almost 30 years in the IT security space and half of that engaged..
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Cyber Risk: What is it and...
Cyber risk is a hot topic these days, and rightfully so. By 2025, Gartner estimates that “45%..
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The Cost of Third-Party Cybersecurity Risk...
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Trust, But Validate: Building Confidence in...
Overview Security assessments come in all shapes and sizes. Some have tightly defined scopes and..
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How ComplySci Spends Less Time on...
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How Blackstone Assessed 3x More Vendors...
Blackstone Assesses 3x More Vendors CyberGRX Is A Force Multiplier for Third-Party Cyber Risk Management..
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5 Reasons to Share Your CyberGRX...
One of the greatest benefits of having a CyberGRX assessment on the Exchange is the..
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5 Reasons to Accept a CyberGRX...
A partner wants to share a CyberGRX assessment with you, why should you accept? Step..
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Third-Party Management Maturity Model White Paper:...
ProcessUnity’s recent white paper, the “Third-Party Risk Management Maturity Model,” helps you understand where your..
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New Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
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Technology Case Study
After a technology company doubled the size of their vendor ecosystem, they sought to secure..
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Third-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
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ComplySci Case Study
ComplySci Proactively Shares CyberGRX Helps ComplySci Reduce Time Spent on Assessments with Proactive Sharing Proactive..
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New Report Predicts Significant Market Growth
MarketsandMarkets has published a new report that states that the global Vendor Risk Management market..
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Vendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
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Think GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
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Risk & Compliance – The Build...
We’re not seeing it as much as we used to, but some companies are still..
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Incorporating Content Services into Your Vendor...
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Regulatory and Management Reporting for Vendor...
In working with prospects and customers, one of the questions I get asked the most..
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SLAs and Vendor Performance Management
Not all business relationships require a service-level agreement (SLA), but good vendor performance management is..
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Formalizing Vendor Risk Management - Keep...
When starting to build a formal Vendor Risk Management program, it’s important not to overcomplicate..
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Six Tips for Building Effective Vendor...
A well-designed vendor risk assessment questionnaire is vital for a successful Vendor Risk Management program...
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The 2017 State of Third Party...
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eBook: 8 Reports for Effective and...
The foundation for an effective and efficient Vendor Risk Management program is solid reporting. The..
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The Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
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How to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
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Mitigating the CFPB Audit Process
In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau..
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The Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
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The State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
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45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
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FFIEC Cybersecurity Assessment Tool: What You...
Cybercrime is a hot topic among GRC practitioners these days. It should be. According to..
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Case Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
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Change Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
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Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
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Channel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
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Five Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.