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Red Flags within Your Vendor’s BCP | VendorInsight®

Posted by Rachel McKenzie on Jun 3, 2019 11:14:38 AM

Red Flags within Your Vendor’s Business Continuity Plan

Significant events, including natural disasters and massive cybersecurity breaches, will not only impact your vendor’s operations, but yours as well. Your data could be lost, your processes can be slowed or stalled, and your reputation could be hurt. To protect your organization and stay proactive, you need to understand a vendor’s Business Continuity Planning (BCP) and Disaster Recovery (DR), their processes of creating systems of prevention and recovery to deal with potential threats.

To do so, your organization should be reviewing the vendor’s BCP annually as part of your ongoing monitoring after you’ve selected and contracted with them, to determine if there are any concerning red flags. But what would be considered a red flag?

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Topics: vendor reviews, Cybersecurity, Business Continuity, BCP, Experts, RTO, RPO, Business Continuity Plans, Recovery, Breaches, Disaster Recovery

Vendor Management Expectations Impacted by FFIEC Expansion of Business Continuity Handbook

Posted by CMPG Risk Solutions on Feb 28, 2015 2:39:00 AM

 

 The FFIEC recently expanded its guidance by adding an amendment to its Business Continuity Planning handbook. Introducing the concept of "Business Resiliency," there are a number of NEW testing and vendor review requirements that pertain to third parties and outsourced technology service providers that must be included in vendor management programs, risk assessments and vendor profiles.


We anticipated this with the integration of our BCP system to VendorInsight® in January of this year and have already updated VendorInsight® to comply and meet 100% of this new guidance. Many of our customers are using the integrated features of our BCP-Insight™ system and reaping the benefits of this integration.

We expect more updated guidance and prescribed compliance from The Federal Reserve, OCC, FDIC and CFPB later this year and will keep you updated. Stay tuned here.

https://www.ffiec.gov/press/pr020615.htm

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Topics: FFIEC, Business Continuity

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