Posts Tagged ‘third-party risks’

SEC Dings Vantage $5M on FCPA Issues


Texas-based Vantage Drilling International has agreed to pay $5 million in disgorgement to the Securities and Exchange Commission for sloppy FCPA accounting controls that let the company’s largest outside director and various third parties pay bribes to Brazilian government officials in the 2000s. The SEC’s settlement order recounting the failures reads like a long, torturous…

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Survey: Third-Party Data Risk Still a Mess

Another year, another report confirming what most compliance and IT security officers already know: third-party vendors are an enormous security and privacy risk, and oversight of those parties is a mess. That’s the message of a report released Thursday by Opus and the Ponemon Institute, which surveyed more than 1,000 IT and data security professionals…

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Update on Third-Party Risk Programs

Navex Global gave a sneak peek this week of its latest report on third-party risk. The headline: too many compliance departments still rely on paper-based systems to track third parties, and therefore too many probably underestimate the risks their third parties truly pose. The 2018 Navex Global Third-Party Risk Management Benchmark Report, which surveyed 1,200…

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Bad Control Environments Ruin Everything


The compliance and audit worlds like to rely on lingo such as “control environment” and “control activities” all the time. The scandal of Corporate America’s payments to Michael Cohen, personal lawyer and fixer to President Trump, reminds us what those words really mean, and why a bad control environment can sour all the control activities you…

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Feds Eye Cybersecurity Risks of Tech Providers


Financial regulators just named cybersecurity as one of their top concerns going into 2018, with a heap of worry specifically about third-party contractors supporting the financial system. So for compliance officers looking for yet another reason to move third-party risk management up the priority scale, now you have one. The alarm was raised last week…

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New Report on Third-Party Risk

Navex Global released its newest survey of third-party risk management on Thursday, a report full of statistics that’s well worth reading if you’re a compliance officer trying to benchmark your own program against what other companies do. More than anything else, the numbers in the report tell me that companies’ approach to third-party risk is…

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Some Other Posts Worth Reading


Occasionally I write guest posts about compliance and governance topics elsewhere on the Web. Three of those posts have recently gone live, one about third-party risk management and two others about the proper love and care of SOX compliance programs. If you just can’t get enough of me, here is a run-down of where to…

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Automation of Third-Party Due Diligence: Before Starting

So there we were, me and a fellow compliance enthusiast, talking about automation of third-party risk management. This is the sort of conversation you have when you’re me. Automating portions of your third-party risk management is a great idea. After all, large corporations are awash in third parties these days. According to the 2016 Kroll…

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More Risks With Decentralized Business: IT Projects, Culture

Last week we had a post about managing third-party risks at decentralized organizations. Today I want to revisit that subject and look at two specific issues that arise from a business structure like that—IT projects, and fostering a strong culture. Let’s begin by repeating the theme of last week’s article: decentralized organizations challenge the notion…

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Third-Party Risks in Decentralized Organizations

Not long ago I came across a study of third-party risk management that Deloitte published earlier this summer. I wish I had found it sooner, because it’s crammed with useful insights. So let’s get into it. The report’s big reveal is right in its title, Third-Party Governance & Risk Management: Addressing Challenges of Decentralization. Deloitte…

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