In this installment of our blog series, Managing Privacy and Risk in Financial Services, we take a closer look at Vendor Risk.
You did it! No . . . you did it!
Sorry, Financial Institutions, but even if it wasn't your fault…it's still your fault. You are responsible for your vendors. And it's more than just your reputation at stake. Although that's at risk, too! Most financial organizations manage hundreds to thousands of vendors, suppliers and other third-party relationships with variations, including levels of risk. Additionally, as your vendors become privy to sensitive systems and data, their risk and compliance posture becomes even more important to your security. As a result, regulators expect organizations to proactively identify potential risks, verify compliance and monitor changes. The GDPR, as we discussed previously, is one, of many, that require a watchful eye on your vendors.
Stakes are high.
We, at ServiceNow, understand this complex problem and realize the task is greater and the stakes are higher for those in heavily regulated industries. That's why we released the Vendor Risk Management application, the latest addition to the Governance, Risk, and Compliance (GRC) portfolio. It can be used in conjunction with the core GRC applications to, for example, provide top down trace-ability from an authority document to a question in a vendor questionnaire — assessing compliance and gauging risk. I could go on and on however, Teresa Law, the colleague I lean on for all things GRC related, has offered to provide insight into how Vendor Risk Management can work for you: Continue reading on ServiceMatters.com.
I hope you'll come back on Wednesday, October 4th, for Part Five of this Six-Part series on Managing Privacy and Risk in Financial Services.
Next Posts:
Part Five: We Have a Plan (NY State Cyber Regulations)
Part Six: Rinse and Repeat (IT GRC)
Additional Resources:
- Join us for our webinar, "Managing Privacy and Risk in Financial Services" on Tuesday, October 10 at 8:00am PDT/11:00am EDT. GDPR, Vendor Risk and a case study by Nomura are on the agenda!
- Watch our video: Managing Vendor Risk for Financial Services Companies
