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What is Vendor Risk Management (VRM)? The Definitive Guide

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Vendor risk management (VRM), a part of vendor management, is the process of identifying, analyzing, monitoring, and mitigating the risks that third-party vendors might pose to your organization. Third-party risk management begins with due diligence before signing a contract, as with any risk management program.

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5 Steps to Implement Enterprise Risk Management (ERM)

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Enterprise risk management (ERM) is critical for success in the modern business landscape. Your ERM program should encompass all aspects of risk management and response in all business processes, including cybersecurity, finance, human resources, risk management audit , privacy, compliance, and natural disasters.

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Strategies for Digital Risk Protection

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Hence cybersecurity risk management is crucial to prevent and mitigate cyber threats. To combat those threats, businesses need to develop digital risk management. We can define that as the processes used to assess, monitor, and treat the risks that arise from the digital business processes that are so common today.

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Choosing a Governance Risk and Compliance Tool: Constant Vigilance

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GRC is an integrated approach to managing the organization’s governance, IT and security risks, and regulatory compliance functions. The three pillars of a GRC program are governance, risk management, and compliance. Risk Management. Governance. What Are the Benefits of Using a GRC Tool?

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What Does a Compliance Management System Look Like?

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A compliance program helps a company to meet its legal requirements and to comply with applicable laws and regulations. An effective compliance management system, the FDIC continues, typically includes: Board and management oversight; The compliance program itself; and. Regular audits of the compliance program.

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IRM, ERM, and GRC: Is There a Difference?

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The various niches of risk management have become a veritable alphabet soup of acronyms. For example, retail is now “e-tail,” manufacturing plants are increasingly automated, and nearly every step of the hiring and contracting process happens online, from application to background checks to payroll.

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Risk Assessment vs Risk Analysis

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Although people often use the words “assess” and “analyze” interchangeably, the terms are not synonymous in risk management. A risk assessment forms the backbone of your overall risk management plan. Security risks aren’t the only type of risk that organizations face.