Obstacles into Opportunities: How RegTech Transforms Vendor Compliance in Financial Services
Robust vendor networks are critical for success in the financial industries. Banks, credit unions, and other financial organizations increasingly outsource key functions to third parties—a development that has not gone unnoticed by regulators. The CFPB, FDIC, and OCC have all increased scrutiny over financial institutions’…
Compliance is _____________.
“Getting in the way of our innovation efforts.” “Making the time to close vendor deals 2x what it used to be.” “Impacting my productivity.” “Too inconsistent – I’m not sure what applies or if we are applying it correctly or consistently.” We’ve surveyed over 200…
In Business, Who Can You Trust?
Trust in business used to mean looking a partner in the eye and having confidence in their integrity. The concept of trust has evolved over time as business itself has grown more complex and the interdependence of companies increased. Due diligence on business partners is now the standard practice. But even now, is standard due diligence enough?
It’s Time to Say Goodbye to Spreadsheets
To be clear, I love spreadsheets. I couldn’t live without them for things like my family budget, address lists, mailing labels, or a place to keep track of guests invited to an upcoming event. But, and this is a big but, spreadsheets fall significantly short…
14 Must-follow Encryption Standards When Handling Confidential Information with Vendors
Your vendors should implement robust encryption practices with respect to confidential information. Examples of best practices include: 1. Passwords and trade secret information should be encrypted in transmission and at rest. 2. Data should be encrypted if required by law using a solution…
9 Vendor Compliance Questions Your Company Should Be Asking
Vendor partnerships are the lifeline to innovation for enterprise. Whether it’s bringing in fresh, third-party technology that will provide a strategic competitive advantage, or outsourcing routine tasks so that talent can focus on key objectives—vendor partnerships are crucial. But today’s complex compliance environment is getting…
Vendor Risk: 11 Compliance Requirements for External Audits
A company should have the right to audit evidence of controls to verify compliance with its security requirements, applicable controls, and other contractual agreements. Vendors should preserve and produce, upon request, copies of data relevant to the services provided to customers. Audit rights should include…
5 Compliance Management Controls ALL Vendors Should Follow
1. Vulnerability Management Vendor shall implement proactive technical and organizational controls to prevent, detect, and remediate vulnerabilities. Best practices for vulnerability management controls include: Vendor should have a policy and process in place to identify and remediate vulnerabilities in a timely manner. Vulnerability management includes infrastructure,…
IT Security: Are Your Vendors Following These 5 Compliance Controls?
1. Password Controls It is important to make sure that as a vendor you implement the necessary technical and organizational controls to ensure that your customer’s information, in any form, is protected from unauthorized access, modification, disclosure or deletion, and complies with all applicable laws…
