Vendor-Provided Resources

Due diligence is essential to manage third-party risks effectively. Specific documents should prove that the vendor's control environment is sufficient to mitigate the risks associated with their product or service and the relationship.

Without the right documents, your vendor risk assessment can't be completed correctly, if at all. In this infographic, learn best practices and tips to improve document collection efficiency.

Download the infographic to learn:

• The importance of vendor document collection

• 3 best practices for a smooth process

• 4 tips to make the process more efficient

A vendor performance management process helps ensure vendors provide your organization with quality products and services within a defined budget and timeline. This includes expectations around areas like compliance, operations, and customer service.

For the vendor performance management process to be effective, organizations must think carefully, plan ahead, and execute consistently. An effective process helps reduce costs, enhance customer satisfaction, mitigate risks, and more.

Download the infographic to learn:

• Basic steps of vendor performance management

• Practical ways to manage vendor performance

• Questions to ask regarding vendor performance

In 2023, we saw a fierce battle between security professionals and bad actors, each vying to get one step ahead of the other and stay there.

Case in point: In 2023, there were more third-party breaches (81) than in 2022 (63), but with a smaller cascading impact (251 impacted companies, compared to 298 in 2022). Third-party breach mitigation strategies might be starting to stick, but bad actors are relentless in their pursuit to find and breach any possible security weaknesses.

Our research team aggregated and analyzed data from a variety of OSINT and exclusive resources to identify these evolving strategies for third-party breaches, the profiles of threat actors involved, the most affected sectors, and the most significant breaches of the year.

Our goal? To provide security teams with insights on how the threat landscape is changing so they can better navigate the challenges of third-party risk management.

Dig into the 2024 Black Kite Third-Party Breach Report to learn about:

• The most common root cause of breaches.

• The most impacted industries.

• The most destructive third-party breaches of 2023.

• Trends in attack aftermath.

In an effort to address cybersecurity threats in hospitals in New York, the state Department of Health proposed a new rule in December aimed at safeguarding hospital systems and nonpublic information.

Leveraging generative AI to enhance vendor processes and deliver more.

When companies teeter on the brink of collapse, it often seems sudden. But not for us. At RapidRatings, we equip our clients with powerful financial risk data, allowing them to proactively identify and mitigate looming financial threats. Case in point – Invitae, a biotech and pharmaceutical company.

A well-executed TPRM program is not just a cost center but a value generator.

Third-Party Risk Management (TPRM) has evolved from a defensive necessity to a strategic cornerstone for organizational resilience and growth in modern business’s complex and interconnected world. TPRM transforms potential vulnerabilities into organizational strengths and tools for resilience, operational efficiency, and stakeholder trust.

This white paper explores the development of a mature TPRM maturity model and regulatory adaptations, and provides best practices into strategic implementation of people, processes, and technology.

In our latest white paper learn more about:

• A well-executed TPRM program at a glance

• Developing, implementing, and maintaining a maturity model

• Planning and adapting to regulatory demands

• Leveraging technological advancements, well-trained teams, and strategic systems

Bridging the gap between security, risk, and compliance doesn't come without its challenges. See the top-of-mind challenges and questions for CISOs going into the new year.

• How can risk teams work together to consolidate third-party management?

• Is it time to rethink the security questionnaire's design?

• How does security scale and meet demand while maintaining due diligence in an ever-evolving cloud ecosystem?

• What's being done to introduce — and responsibly use — AI?

Download the infographic 4 top-of-mind challenges for CISOs in 2024 to get more insights into these questions.

Venminder’s State of Third-Party Risk Management 2024 whitepaper provides insight into how organizations manage third-party risk today. Results provide an in-depth look at current practices, challenges, compliance incentives, and third-party risk management benefits for organizations to benchmark their performance and processes against their peers.

For this eighth whitepaper, Venminder surveyed individuals from a wide variety of organizations and industries, including financial services, fintech, retail, food services, insurance, healthcare, information technology, and more, in a nice balance of different sizes ranging from less than $1B assets or less than 100 employees to more than $10B assets or more than 5,000 employees.

This invaluable resource is full of third-party risk industry statistics, providing information you need to be aware of to make informed decisions on topics such as:

• Organizational structure

• Program investment

• Vendor landscape

• Vendor risk assessments

• Vendor due diligence questionnaires and documentation requirements

• Third-party risk management metrics

• Regulatory focus and exam/audit results

• Third-party risk management pressures

• Emerging vendor risks (such as cybersecurity, artificial intelligence, ESG, supplier diversity)

• Third-party risk management challenges

• Third-party risk management ROI

• And much more!

Grab a copy!

Check out RapidRatings’ Executive Chairman James Gellert's economic insights on CNBC's The Exchange.

Boeing's Financial Health:

• FHR analysis reveals Boeing's concerning rating: FHR 35, CHS 18, placing them squarely in the high-risk danger zone where 90% of companies of failed companies had an FHR of 40 and below.

• Boeing's distress linked to challenging high-interest rate environment, and similar companies find themselves in the same boat.

Shipping Industry:

• Despite escalating conflict in the Red Sea, the shipping industry is doing well due to rising shipping costs. While the industry may be thriving, the effects of rising costs will impact supply chains and global goods.

Middle Market Challenges:

• Based on RapidRatings analysis, market companies face challenges:

• 4x higher bankruptcy rates than larger counterparts since 2019.

• 20%+ decline in profitability compared to 20%+ growth for public companies.

The Tigray conflict is one of the most prominent and long-lasting conflicts in Ethiopia. It began in November 2020 when the Ethiopian Government launched a military offensive against the Tigray People's Liberation Front (TPLF) in the Tigray region.

This summary is a digest of the financial risk requirements outlined in the report on ‘Interagency Guidance’ issued jointly on June 6, 2023, by The Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), Treasury.