Vendor Compliance Management Series: Performing an Effective Risk Assessment
by Sarah Harvey / September 26th, 2014
Vendors and Risk Assessments
Are you looking to find out more about how to ensure that your organization is meeting vendor compliance management requirements? This webinar provides an overview of ways that you can ensure that your organization is performing an effective risk assessment.
In this webinar, Joseph Kirkpatrick introduces and gives an overview of external guidance’s that may serve to be potentially useful for your organization to establish or refine your risk management policies and procedures:
- OCC Bulletin 2013-29
- OCC Bulletin 2014-37
- OCC News Release 2013-116
- FDIC FIL 44-2008
- Federal Reserve Guidance on Managing Outsourcing Risk
- FFIEC Outsourcing Technology Services
- CFPB Bulletin 2013-03
Additionally, Brett Soldevila, COO for Security Credit Services, LLC, addresses various other ways that organizations can evaluate and address risk within their company and their vendors. He discusses how trends in the concept of risk management can be traced back to the implementation of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Sarbanes-Oxley Act of 2002 (SOX). He also covers various ways to analyze risk throughout your company and vendors. Brett recommends performing the following to analyze risk within your company and your vendors:
- Enterprise-wide risk assessment
- Data security risk assessment
- Third party vendor risk assessment
Tony Bailey, Director of Business and Strategic Development at Cornerstone Support, also gives an overview of the importance of third-party validation in regard to vendor selection.
To learn more about vendor compliance management and how your organization can conduct effective risk assessments, contact us today.
