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Guest Bios: Dr. David Lindstedt is a speaker, author, and champion for business continuity. Along with Mark Armour he founded AdaptiveBCP.org and authored Adaptive Business Continuity: A New Approach. He is the founder of Adaptive BC Solutions (AdaptiveBCS.com) and creator of three BC software systems.
Silicon Valley Bank (SVB) Failures in RiskManagement: Why ERM vs GRC By Steven Minsky | May 5, 2023 Silicon Valley Bank (SVB) was closed by regulators and reminded us of the recession associated with Lehman Brothers and Washington Mutual Bank in 2008. However, the evidence was inconclusive so their strategy continued unchanged.
Its also important to recognize that AI strategy is fundamentally about riskmanagement. The winners will be those who are willing to own the risk, learn quickly, and adapt faster than the competition. If you want AI to be a true differentiator, it cant be something you simply outsource.
Third – party riskmanagement (TPRM) continues to be a focus area for both regulated and non-regulated entities alike in the operational resilience landscape. The reason being that t hird parties often introduce added risk to organizations outside the scope of their direct control. .
In our previous blog “ The Importance of Ongoing Monitoring ,” we discussed what we often describe as the forgotten pillar of third-party riskmanagement: ongoing monitoring. Tracking and managing complaints can be challenging. The Forgotten Pillar. Rarely will you hear customers expressing frustrations first-hand.
Increasingly, financial services supervisory authorities are seeking to ensure that the third parties that are supporting a firm’s important business services meet all resilience requirements. One legislation addressing these risks is the landmark Digital Operational Resilience Act (DORA). RiskManagement.
Even if it is difficult to use that regulatory hammer to secure funding for budget to purchase technology, this should not stop a progressive organization from using effective riskmanagement disciplines to run their programs and serve their customers. Or, as so well articulated by the great British writer C.
As organizations begin to determine the impact that DORA has on their specific business, a common thread has emerged: while Information and Communication Technology (ICT) Third-Party RiskManagement (TPRM) is its own pillar in the regulation, TPRM touches on all other pillars of the regulation.
Your cybersecurity audit should identify existing vulnerabilities and risks, which you can then address with key stakeholders. Evaluate current riskmanagement processes. Availability: Authorized people can access the information when needed, and all hardware and software is maintained and updated when necessary.
Data security spans two areas of organizational risk: unauthorized data use and privacy issues associated with authorized data processes. When evaluating an identity management strategy, it is imperative to start at a high level, which includes data access governance to limit access and meaningfully reduce the risk of loss or theft.
Third-party due diligence is the process of vetting suppliers, distributors, and service providers using a risk-based approach to uncover any red flags that may indicate a danger to your business. Making a list of all prospective third parties and assessing their risk is the first step in the third-party due diligence procedure.
5 There will be future third-party outages though, and firms such as Delta will have to recognise that they own the risks, even of parts of processes that they outsource. It doesn’t work.”
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