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3 Ways to Drive Value within Your Third-Party Risk Management Program and Beyond

Fusion Risk Management

A ccording to Deloitte’s global third party risk management survey 2022 , 73% of respondents reported having a high level of dependency on third parties – a nd that reliance is predicted to continuously increase which , in turn, means ongoing related challenges.

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DORA: Moving Beyond the Basics of Compliance and Implementing a Cross-Functional Approach to Resilience

Fusion Risk Management

Involving every stakeholder from the very beginning is one actionable way to mitigate these issues. Should a real-life incident occur, you’ll then be able to quickly mitigate the downstream negative impacts. Practice carrying out your recovery processes, identify gaps, and solve any issues or bottlenecks that arise.

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Identifying Important Business Functions: Your Building Blocks for DORA Compliance and Incident Management

Fusion Risk Management

The ability to be compliant and mitigate the impact of disruption through a robust incident management strategy begins with understanding the most critical business functions that comprise your organization. Respond You will also need to have a strategic incident management process in place.

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Reviewing the Five Types of Risk 

MHA Consulting

During COVID, business tended to focus on only two of the five risk types; however, organizations that want to prosper over the long term need to be cognizant of and plan for all five kinds of risk. Over the medium and long term, these last three risk types have the power to do grave injury to the company.

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Geopolitics, regulations, and resilience

Fusion Risk Management

They also emphasize the need for organizations to strengthen their business continuity (BC) and operational resilience programs as well as prioritize agility to mitigate emerging threats and ensure compliance with global regulatory mandates. Another U.S.