At our recent webinar with ITGRCFORUM we discussed practical steps to scale your vendor risk management program. Over 500 attendees joined the webinar and learned 5 practical steps they could implement to scale their third-party vendor risk management programs, which address the most common vendor risks and problems.
Wells Fargo is in the midst of a governance, risk, and compliance nightmare. Misunderstanding or completely dismissing company policies has cost Wells Fargo “$414 million in refunds and settlements, and hundreds of millions more on legal fees, consultants and other costs related to the accounts scandal and its aftermath,” as well as hundreds of millions in potential growth, and immense reputational damage that will take years to recover from. This post will look into where Wells Fargo went wrong and how they could have prevented it all.
Companies of all sizes and across virtually all industries are beginning to see the necessity of having an enterprise risk management (ERM) program that is comprehensive, organization-wide, and integrated within strategic planning efforts. In this post, we’ll look at the steps required to implement a proactive ERM program, the benefits seen across an organization once risk is handled proactively, and how to select an ERM tool that is robust and mature enough to address the issues organizations are facing with regards to ERM.
On April 16, 2018, the National Institute of Standards and Technology (NIST), released updates to their Cybersecurity Framework (CSF) titled “Framework for Improving Critical Infrastructure Cybersecurity Version 1.1”...The updates work seamlessly with the original framework and are intended to be implemented by first time and current framework users.
There are many complex issues in the healthcare industry. With looming government regulation and drastic changes in policy, 2018 is projected to be a year of unknowns and change. In addition to implementing new regulations, the industry must still meet current compliance requirements without fail.The Office of Inspector General’s (OIG) 7 Key Elements of Compliance are the minimum standard and mandatory for all hospitals. Using an automated system that will streamline and reduce potential risk while also adapting to the needs of an individual hospital is paramount in this uncertain climate.
Benjamin Franklin supposedly said, “if you fail to plan, you are planning to fail.” Although, this sentiment is never more true than in an organization’s preparation for risk “only twenty-five percent [of organizations] have an Incident-Response (IR) plan applied consistently across the organization, and twenty-three percent have no incident response plan at all,” according to the Ponemon Institute. In order to protect your organization from risk, it is imperative to transform your Incident-Response plan from a static document to an interactive process.
Compliance is an intricate and difficult practice that many enterprises have siloed into departmental issues and concerns, but it is essential for the success of an organization. The difficulty with compliance is enterprises are attempting to regulate all rules and processes with a disorganized, inadequate, and an unregulated system. Compliance is defined as “the process of conforming with external rules and regulations and internally defined directives and standards.” In order to fully meet compliance standards, every internal and external rule and regulation must be considered and embedded into the process. If controls are not embedded into the process, the organization is vulnerable to risks and attacks that could be expensive if not detrimental.
Recently, LogicGate's engineering team undertook the effort to migrate our application from a relational database to a graph database. To better understand this decision and its benefit to LogicGate users, it's important to know a little bit about LogicGate and a little bit about databases in general.
Information security risk assessments are vital to the health and longevity of every organization, but they can often be a confusing process with terms that vary across industries and organizations. One of the major gaps within information security risk assessments is the lack of information regarding threat actors and threat events. Without these two key pieces of information corporations and enterprises are wasting valuable time, money, and other resources on extensive information security risk assessments and walk away without knowing any details about the very real threats to their business.
Most organizations today have multiple compliance requirements and contractual obligations that require all employees to attest that policies and procedures have been read and acknowledged. However, it is generally just good business practice to validate that employees have truly read and understand the requirements of an organization. It’s important to build an effective process that tracks employee attestations and certifications to ensure that policies are being met and procedures are being followed.