ERM

Compliance Education Institute Teams with Fortrex Technologies to Provide Document Assessment Services

New Strategic Partnership Announcement Compliance Education Institute and Fortrex Technologies, LLC partner to deliver comprehensive services   May 1, 2019 – Furthering their dedication to provide comprehensive third party risk management (TPRM) services, Compliance Education Institute and Fortrex Technologies, LLC, are pleased to announce our new strategic partnership. Compliance Education Institute provides comprehensive, detailed, and practical [...]

NY DFS Cybersecurity Regulation: Are your 3rd Party Controls in Place Before the Hammer Drops?

With the March 1, 2019 deadline looming for complying with NY’s Cybersecurity regulation, the NY DFS must be licking its chops at the prospect of imposing fines. Actually, I’m sure they really hope that all covered entities are up to snuff and have sent in their signed certifications or exemptions. “Signed certifications or exemptions?” you ask. [...]

3rd Party CryptoCurrency Risk & Controls: Hot Wallets? Cold Wallets? Standards? Insurance?

February 5, 2019 Copyright 2019 Compliance Education Institute If you’re considering or have already taken the plunge into cryptocurrency as an asset or a viable form of payment or value, then you’ve likely engaged a 3rd party as a repository or an exchange. Like any other vendor managing our deposits/transactions/assets, we must certainly be concerned about [...]

2019-02-05T10:20:38+00:00February 5th, 2019|3rd Party Risk, Audit, ERM, Governance, Risk, Vendor Management|0 Comments

You’re Not Too Small for Multiple Lines of Defense

Classic risk management employs 3 lines of defense. But there's also a possible 4th line when it comes to regulatory issues, specifically vendor management. Please note that I have seen multiple titles that fit the roles below so don't get hung up on the titles. If you're a smaller institution and you wear multiple hats, you [...]

Are your vendors delivering value beyond just meeting SLA’s? How are you measuring their value?

How do you measure your vendor's value?  s vendor management programs mature, we need to understand the value a vendor delivers beyond meeting its Service Level Agreements. While we frequently outsource significant functions (critical and high risk) because a vendor can help us meet our strategic goals, including doing something better/faster/cheaper, what else are we obtaining [...]

Critical Vendor or Critical FUNCTION?

You have HOW MANY critical vendors?!?!?!?!? I always find the perception of CRITICAL VENDOR to be very interesting. As Certified Regulatory Vendor Program Managers (CRVPM) know, when reviewing vendor management programs we typically see way too many vendors listed as critical, usually for a couple of reasons; 1) either the business unit thinks that their vendors [...]

2017-03-16T12:55:25+00:00March 24th, 2016|3rd Party Risk, Audit, ERM, GRC, Risk, Vendor Management|0 Comments

Reassessing Vendor Risk – An Ongoing Necessity

So you've done your initial INHERENT risk rating of your vendor and then conducted your due diligence to determine the RESIDUAL risk and you're comfortable doing business with the vendor so you sign a contract. A year from now you plan to conduct the periodic review. But a number of things might have occurred from the [...]

2017-03-16T12:58:50+00:00February 9th, 2016|3rd Party Risk, Audit, ERM, GRC, Risk, Vendor Management|0 Comments

Plan Your Exit Before You Outsource!

When considering outsourcing a service, it's essential to have an Exit Strategy in place so that you can transition the service to another vendor or bring it back in house prior to or at the end of the contract term. This should be done before you even consider searching for a vendor. A well thought out [...]