Tag: Regulatory focus

Regulators are increasing their focus on third-party risk as concerns grow. Companies are increasingly reliant on third-party vendors and outsourcing core functions, introducing new sources of risk. The COVID-19 pandemic has intensified this trend, with greater dependence on cloud service providers. To mitigate third-party risk, organizations should follow the third-party risk management lifecycle, which includes vendor identification, due diligence, contract negotiation, ongoing monitoring, and termination procedures. Implementing strong third-party risk governance practices can lead to increased cybersecurity protection, regulatory compliance, vendor performance, and business resilience. Learn more in Noggin's Introductory Guide to Third-Party Risk Management.