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Vendor Management Essentials: 5 Steps for Success
vendor management program steps
As businesses face higher regulatory scrutiny around their vendor relationships, a strong third-party risk management program is more important than ever. However, this area remains a struggle for many organizations. Effective due diligence, risk management and measurement, contract review and management, and regulatory oversight can be overwhelming for smaller companies or those without a vendor management program in place. In fact, according to a 2017 third-party risk study, 60% of organizations feel underprepared to perform due…
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Introducing Quantivate’s New User Interface
Quantivate user interface
Upgrading your GRC management experience Quantivate is pleased to announce some exciting news: a new version of our software’s user interface (UI) will be released later this month. This upgrade will bring significant improvements to the Quantivate risk and compliance management platform, including: A clean, modern design that provides easy access to tools and data A streamlined menu layout for fast, fluid navigation Dashboard enhancements that maximize productivity and simplify task flows Benefits and…
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Risk & Compliance Resources Roundup for April
risk and compliance resources
Check out Quantivate’s most recent resources —You’ll find industry insights and learning resources for your governance, risk, and compliance (GRC) program: Integrated GRC Technology: How to Strengthen Risk Management’s Three Lines of Defense Learn how top organizations maximize the three lines of defense risk management model for better governance and increased efficiency, including a best practices framework for assessing and improving internal controls. Get your copy of this insight →
Regulatory Risk…
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GRC Technology’s Role in the “3 Lines of Defense” Risk Management Model
integrated GRC for three lines of defense risk management
Many organizations set the foundation for an effective risk management program using the “three lines of defense.” This widely used model is designed to coordinate risk and control management across the enterprise through appropriately mapping out responsibilities for day-to-day management (first line), monitoring and oversight (second line), and independent assurance (third line). (more…)
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FDIC Warns Financial Institutions About Vendor Management & Business Continuity Deficiencies
vendor contract guidelines
The FDIC recently released a letter outlining common deficiencies noted in financial institutions’ contracts with technology service providers. Quantivate’s compliance attorney, Brian Witt of law firm Farleigh Wada Witt, has provided an overview below.
On April 2, 2019, the FDIC issued a letter (FIL 19-2019 Technology Service Provider Contracts) to all FDIC-supervised institutions that describes FDIC examiner observations about gaps in banks' contracts with technology service providers and inadequate management of…
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