Third-Party Vendor Risk Management: Spot the Weakest Link
Recent data breaches indicate that one of the key imperatives is to find effective ways to tackle third-party vendor risk, which is considered to be the weakest link. Because most organizations in the region outsource their IT security and critical infrastructure maintenance to a third party, it becomes critical to assess the risk in an effective manner. Many top banks and financial institutions have formed an industry consortium to transform third-party risk management by leveraging best practices, standardizing processes and delivering risk-assessment services.
The session discusses:
- The need for a high-quality integrated compliance function that enables effective risk mitigation;
- The role of advanced technologies in manage these risks;
- The use of an integrated control framework to identify third-party security, operational, financial and compliance risks.