Training

3rd Party Risk Management , 3rd Party Risk Management , Advanced SOC Operations / CSOC

Trust, But Verify: The Evolution of Vendor Risk Management in Financial Institutions

Trust, But Verify: The Evolution of Vendor Risk Management in Financial Institutions

While vendor risk management has long been an area of concern for Financial Institutions, regulators are now looking for banks to do more and provide a higher level of assurance about the security practices of their vendors. But how? With regulators continuously raising the bar, one thing is clear: the vendor reviews of the past will no longer be sufficient in today's environment.

See Also: Live Webinar | Misconceptions About Third Party Risk Management

In this presentation Stephen Boyer, CTO and Cofounder of BitSight Technologies will explore:

  • The evolving regulatory landscape regarding Vendor Risk Management, and the practices organizations are adopting to meet these more stringent demands.
  • Why continuous monitoring of vendor security performance is both critical and achievable, through the use of datadriven, evidence based security ratings
  • How a global financial services firm is transforming the way they select and interact with vendors and suppliers, detailing their own industry-leading practices in VRM and how the use of security performance ratings is allowing them to harden their extended enterprise.

Background

The connectivity we provide to our business partners is proving to be a highly vulnerable attack vector. In this session we'll take a fresh look at vendor risk management by monitoring their actual network behavior profile, comparing that to known malicious activity patterns and arriving at individual risk scores for each partner.

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