The Ultimate Third-Party Risk Assessment Checklist
As data breaches and supply chain attacks increase, rigorous third-party risk assessments are more crucial than ever. These assessments are only effective with a detailed checklist that examines all potential risk areas. This article will provide a comprehensive guide for creating a third-party risk assessment checklist. We’ll cover the importance of checklists for third-party risk […]
Third-Party Onboarding: Get it Right First Time
Third-party onboarding involves integrating external vendors or partners into a business’s ecosystem. Ensuring partners align with business standards, values, and expectations is crucial to safeguarding operational integrity. At Captain Compliance, we stress the significance of maintaining compliance during onboarding. Adhering to regulatory standards protects against legal issues and preserves consumer trust. Effective corporate compliance identifies […]
Creating the Perfect Third-Party Risk Assessment Questionnaire
In the vendor risk management process, a third-party risk assessment questionnaire applies a series of structured questions designed to gather information about the vendor’s security measures, compliance framework, data protection practices, and overall risk posture. For this purpose, vendor risk assessment questionnaires use third-party risk assessment (or supplier risk assessment) to systematically evaluate risks associated […]
Understanding the Data Landscape: Best Practices in Data Mapping
Data mapping refers to creating links or associations between multiple distinct data sets. It also ensures that data gets transferred from a source to a destination by retaining its integrity and meaning. This data is often represented visually to help us see vital intersection points or patterns and help us draw connections and conclusions. When […]
Crafting a Robust Data Mapping Strategy: Key Steps, Stakeholders, and Benefits
In the technology-focused business world, data mapping should never be a luxury but a necessity. Data mapping is pivotal in creating a strong culture of compliance and protecting vital information from data breaches. However, for data mapping to align with your business’s current needs and future growth, adopting a robust strategy is vital. While the […]
Achieving TPRM Compliance Excellence: A Step-by-Step Approach
Third-Party Risk Management, short for TPRM, refers to the process that deals with mitigating risk when dealing with third-party vendors. Dealing with third-party vendors as a business poses a threat in many areas, such as finances, data handling, breaches, and even potential data theft. A staggering 45% of businesses experienced some sort of third-party vendor […]
Mastering TPRM Mitigation: Strategies for a Secure Business Ecosystem
Thanks to globalization and digital transformation, businesses increasingly rely on external vendors, suppliers, and service providers as they expand. Third-party risk management (TPRM) mitigation is necessary in the wake of the business’s exposure to third-party risks, even to the fourth party. Research by the Ponemon Institute found that 74% of businesses that experienced a data […]
Conducting Third-Party Risk Assessments in 2024: Best Practices and Insights
With over 70% of organizations experiencing data breaches caused by third parties, having a third-party risk assessment is crucial. A third-party risk assessment evaluates the security risk associated with third parties. This risk assessment may be used to avoid data breaches and create onboarding frameworks. It’s also a requirement of many data privacy regulations and […]
Understanding Fines for Third-Party Non-Compliance: A Comprehensive Overview
Third parties are a big deal for businesses now. But while working with others has lots of benefits, it also means more chances for screw-ups that end up costing the main business tons of money. This article is about what happens when third parties don’t follow all the rules, which is called third-party non-compliance. Businesses […]
Contractual Safeguards for Compliance in 2024
If you plan to enter into any business-related legal agreement, consider contractual safeguards for compliance. Contractual safeguards are contract clauses that protect the parties involved from contractual loss or harm. In other words, contractual safeguards create a safety net by highlighting the rights and responsibilities of all parties involved. These safeguards include various elements, one […]