Insightful 2024 risk management trends #9. Focus on Human Factors… Indeed a chain is only as strong as it’s weakest link. Risk management heavily relies on the human aspect for its success.

75% of vendors refuse traditional risk assessments. This finding is from our latest report, "2024 State of Third-Party Risk Management: AI’s Impacts & Future Trends." It dives deep into the emerging trends and challenges that are reshaping how we manage third-party risks. For security teams, the insights in the report can help you upgrade your TPRM program and manage the risk third parties pose to your organization. Key findings you’ll discover: 🔍 Traditional risk assessments are falling short. Cyber risk ratings and questionnaires have up to 90% false positives/negatives, leading to unreliable risk determinations. 💡 AI-driven solutions are the future. Companies leveraging AI and artifact-based assessments achieve near 100% coverage of their third-party vendors with 500% more true positive findings. ⏱️ AI is powering reduced assessment times. By adopting AI-powered assessments, organizations have slashed assessment times from 60-90 days to just 5-8 days, freeing up valuable resources and ensuring timely risk management. 📊 Enhanced strategic insights. Our report provides a comprehensive guide on modernizing your TPRM approach to stay ahead in a landscape where third-party relationships are integral to your business success. Embrace the advancements in AI and automation to fortify your cybersecurity strategy, ensure compliance, and build resilient digital operations. 🔗 Download the full whitepaper now and equip your organization with the knowledge to navigate the future of TPRM effectively: https://hubs.la/Q02z5PBZ0

🔍 Strengthening Supply Chains: Advanced Vendor Risk Management Techniques 🔍 In the complex web of modern supply chains, managing vendor risk is not just prudent; it's imperative for maintaining stability and integrity in your operations. Effective vendor risk management (VRM) goes beyond initial vetting, involving continuous assessment and proactive strategies to mitigate risks. Here’s a look at some advanced techniques to enhance your vendor risk management efforts: Risk Segmentation: Classify vendors based on the criticality of their goods or services to your business. This helps prioritize risk management efforts where they can have the greatest impact. Integrated Risk Assessments: Utilize a combination of qualitative and quantitative assessments to evaluate vendor risks comprehensively. This might include financial stability analyses, performance history reviews, and compliance checks. Continuous Monitoring: Implement real-time monitoring tools to track vendor performance and risk indicators continually. Technologies like AI and machine learning can predict potential disruptions by analyzing patterns in vendor data. Tiered Compliance Standards: Establish different levels of compliance requirements based on the risk associated with each vendor. This ensures that stringent controls are in place where they are most needed. Contractual Risk Mitigation: Incorporate specific clauses in contracts that address risk directly, such as penalty provisions for non-compliance and rights to audit. Regular Audits and Reviews: Schedule periodic audits and performance reviews to ensure vendors adhere to your company’s standards and to identify any new risks that have emerged since the initial vetting. Incident Response Planning: Develop and maintain a clear response plan for dealing with vendor-related incidents. This should include steps for isolating incidents to minimize impact, mechanisms for rapid response, and communication strategies both internally and with the affected vendor. Supplier Development Programs: Engage with vendors to improve their risk management practices. This can include training sessions, sharing best practices, and providing resources to help them meet your compliance standards. Effective vendor risk management is a dynamic, ongoing process that protects your business from unexpected disruptions and ensures a stable supply chain. By employing these advanced techniques, companies can anticipate risks more effectively and forge stronger, more resilient vendor relationships. How do you manage vendor risks in your organization? Are there specific techniques or tools you’ve found particularly effective? #VendorRiskManagement #SupplyChainResilience #ProcurementStrategy #RiskMitigation

✅ SysRisk’s solutions (sysonex.com/SysRisk) provide a proactive approach to managing third-party risks, helping you maintain compliance, secure your supply chain, and protect your business from unforeseen challenges. ⚠️ Comprehensive Solution for Managing Third-Party Risks with SysRisk Managing third-party risks is crucial in today’s interconnected business environment. SysRisk offers a comprehensive solution that helps you effectively manage and mitigate risks associated with your vendors and supply chain. Here’s how SysRisk strengthens your third-party risk management: 🔍 Vendor Compliance Monitoring SysRisk provides continuous monitoring of your vendors' compliance with regulatory standards, ensuring they meet all legal and ethical requirements. This helps you avoid potential risks and maintain a strong business reputation. 📊 Supply Chain Risk Assessment SysRisk conducts thorough assessments of your supply chain to identify potential risks. By evaluating every link in the chain, SysRisk helps you mitigate vulnerabilities and ensure the smooth operation of your business. ✅ Automated Vendor Audits With SysRisk, vendor audits are automated, making the process efficient and thorough. This ensures that all vendors adhere to your company's standards and regulations, reducing the likelihood of any compliance issues. 🚨 Incident Response Planning SysRisk equips you with robust incident response plans tailored to third-party risks. By preparing for potential incidents, SysRisk helps you respond swiftly and effectively, minimizing any impact on your operations. #SysRisk #AI #RiskManagement #PredictiveAnalytics #Automation #RealTimeMonitoring #ComprehensiveCoverage #ComplianceRiskManagement #RiskAssessment #RiskMitigation #RiskStrategy #RiskCulture #RiskAwareness #RiskGovernance #RiskFramework #RiskIdentification #RiskMonitoring #RiskReporting #RiskMitigationStrategies #RiskManagementBestPractices

Are you tired of spending hours crafting vendor assessments? The tedious questions, the endless requests for documentation... it's enough to make you want to skip the due diligence altogether! But what if I told you there's a way to streamline your third-party risk management process? What if you could assess vendor risk in just 60 seconds? With AI-powered survey tools, you can automatically generate customized assessments that identify potential risks and weaknesses. No more manual questionnaires, no more chasing vendors for information... it's all done for you! In no time, you'll have a comprehensive view of your vendor's risk profile, enabling you to make informed decisions and mitigate potential threats. Say goodbye to manual processes and hello to a more efficient, more effective approach to third-party risk management. Embrace the power of AI and revolutionize your vendor risk assessments. Try it now and see the difference for yourself!

Enterprise Risk Management (ERM) and Risk Management in 2024: Key Trends and Insights In 2024, the landscape of Enterprise Risk Management (ERM) and risk management continues to evolve at a rapid pace. As organizations face an increasingly complex and interconnected world, staying ahead of the curve is crucial. Here are some of the key trends and insights shaping ERM and risk management this year: Digital Transformation and Cybersecurity Risks: With the ongoing digital transformation, cybersecurity risks have become more prominent. Organizations are investing heavily in advanced cybersecurity measures and risk management frameworks to protect against data breaches, ransomware, and other cyber threats. Regulatory Changes and Compliance: Regulatory landscapes are constantly changing, with new regulations emerging globally. Companies need to stay updated and ensure compliance to avoid legal and financial repercussions. Effective ERM frameworks help in navigating these complexities seamlessly. ESG (Environmental, Social, and Governance) Risks: ESG factors are increasingly influencing business strategies. Investors, customers, and stakeholders are demanding greater transparency and accountability. ERM is integrating ESG risks to address environmental impact, social responsibility, and governance practices. Supply Chain Resilience: Recent global disruptions have highlighted the need for resilient supply chains. Organizations are enhancing their risk management practices to ensure supply chain continuity and mitigate risks related to logistics, production, and supplier relationships. Data Analytics and AI: Advanced data analytics and artificial intelligence are transforming risk management. Predictive analytics, machine learning, and AI-driven insights are enabling proactive risk identification, assessment, and mitigation. Remote Work and Operational Risks: The shift to remote and hybrid work models introduces new operational risks. Companies are focusing on securing remote work environments, ensuring employee well-being, and maintaining productivity. Crisis Management and Business Continuity: The importance of robust crisis management and business continuity plans cannot be overstated. Organizations are stress-testing their plans to ensure they can respond effectively to unexpected events and disruptions. Enhanced Stakeholder Communication: Transparent and effective communication with stakeholders is critical. Organizations are leveraging technology to improve stakeholder engagement and keep them informed about risk management efforts and strategies. As we navigate through 2024, it's clear that proactive and comprehensive ERM and risk management practices are essential for organizational resilience and success. Let's stay vigilant, adapt to emerging risks, and continue to innovate in our approaches to managing uncertainty. #RiskManagement #ERM #Cybersecurity #ESG #DataAnalytics #SupplyChain #BusinessContinuity #AI #Compliance #2024Trends

Compliance is a great first step to managing human behavior. But there’s little to no evidence that training people specifically for compliance purposes reduces risk. Organizations should be doing both. Changing the behaviors of employees is the ultimate goal to improve security posture—not just training engagement or completion. This requires a new approach and a evolution from today’s security awareness methodology to a Human Risk Management approach. Human Risk Management represents a transformation in how enterprises should identify, respond to, and report on human-initiated risk within their organization. Human Risk Management is the result of incorporating three overarching trends seen in the security and risk management space: 1.    the realization that compliance does not equate to security, 2.    the shift from point-in-time snapshots and assessments to continuous reporting and improvement, and 3.    the breakdown of siloes, leading to a convergence of technology, data, and applications working together to deliver better results.   A mature Human Risk Management program gives security teams the insights and tools they need to identify key human risks before they escalate into a security event or an incident. It provides users with personalized guidance precisely when needed, and delivers relevant content to build a strong security culture with measurable impact. And by quantifying human risk in all areas of the business, policies are continuously improved. #riskculturelab #riskculture https://lnkd.in/d_cPSWgq

🌐 Creating a Future-Ready Risk Management Framework in 2024 As we step into 2024, the landscape of risk has evolved, influenced by rapid technological advancements and shifting global dynamics. Building a risk management framework that is resilient, adaptable, and forward-thinking is more crucial than ever. Here's a step-by-step guide to crafting a risk management framework that meets the challenges of tomorrow: 1. Understand the Landscape: Begin with a thorough risk assessment that goes beyond traditional parameters. Incorporate emerging threats, such as cyber-physical systems vulnerabilities and AI-driven risks. 2. Stakeholder Engagement: Ensure your framework addresses the concerns of all stakeholders. This includes customers, employees, and partners. Engagement fosters a culture of risk awareness and collective responsibility. 3. Leverage Technology: Utilize advanced analytics, AI, and machine learning to predict and mitigate risks. Automated tools can provide real-time insights and enhance decision-making processes. 4. Agility is Key: Develop an agile risk management framework that can adapt to new risks and global shifts. Flexibility and resilience should be at its core, allowing for rapid response to unforeseen challenges. 5. Continuous Improvement: Adopt a mindset of ongoing learning and evolution. Regularly update your framework based on new insights, technologies, and feedback from your risk management activities. 6. Training and Awareness: Empower your team with the knowledge and tools they need to identify and manage risks effectively. Continuous education ensures everyone is prepared and proactive. Takeaway: The goal is not just to manage risks but to transform them into opportunities for growth and innovation. As we navigate the complexities of 2024, a robust, dynamic risk management framework is your blueprint for a resilient and thriving organization. What strategies are you incorporating into your risk management plans for the future? Let's share insights and build a safer, more secure tomorrow. #riskmanagement #futureready #innovation #cybersecurity #3prm #tprm #businessstrategy #riskassessment #riskmanagementframework #risks

https://lnkd.in/g2dBzXS4 2024 Leadership Vision for Third Party Risk Management (TPRM) #ThirdPartyRisk #RiskManagement #SupplyChainRisk #VendorRiskManagement #TPRM #RiskMitigation #Compliance #SupplierRisk #RiskAssessment #BusinessContinuity