Brenda Ferraro's guest appearances

Brenda Ferraro

Innovation in Compliance with Tom Fox

Compliance and Coronavirus

Vin Dicianni

Gabe Hidalgo

John Shegerian

Dan Zitting

Melissa Koch

Julie Myers

Eric Feldman

Ben Wolf

Tricia Cornell

Sean Freidlin

Jeffrey Hayzlett

Jesse Caplan

Brandon Daniels

James Gellert

David McLaughlin

OwlTail

Tom Fox welcomes VP of Third-Party Risk at Prevalent, Brenda Ferraro, to this week's Innovation In Compliance show. They discuss Prevalent's 2020 Third-Party Risk Management study, its key findings, and implications for compliance professionals. A Holistic ApproachBrenda describes Prevalent's mission as "...delivering a unified third-party risk management platform that's going to enable businesses to better reveal and interpret and alleviate risk by simplification and speeding risk mitigation awareness …" Prevalent does this through "economic approaches with standardization, how to use networks, how to leverage completed content gathering and making sure that we're doing the big bang for the buck," Brenda says. She emphasizes the importance of a holistic and economic approach.Key Findings and RecommendationsTom and Brenda discuss why Prevalent commissioned The 2020 Third-Party Risk Management study and its key findings and recommendations. Brenda says that the objective of the study was to provide "a state of the union" on third party risk as well as actionable recommendations to the industry. She lists some of the key findings, including: a lack of process which lessens third party program effectiveness; third party risk management is a team sport; many companies lack confidence in their risk management programs and the results they're getting; That companies need a comprehensive risk management process is the study's predominant recommendation. Brenda critiques the compliance industry's affinity for questionnaires, which just expose vulnerabilities but do nothing to mitigate them. She remarks, "...if you don't have a way to track and monitor your performance indicators and your risk indicators, then what you're doing is, you're spending a lot of time with questionnaire fatigue, gathering content administratively, identifying risks, and then it stops there. So we've got to get to the point where we're looking at inherent risk and residual risks qualitatively and quantitatively so that we can end up doing what's best for the company moving forward." She argues that industries need to work together to identify and address vulnerabilities across sectors. Working together and sharing information will help everyone elevate their risk posture and reduce vulnerabilities.ResourcesPrevalent.net 2020 Third-Party Risk Management Study Report

Tom Fox welcomes VP of Third-Party Risk at Prevalent, Brenda Ferraro, to this week's Innovation In Compliance show. They discuss Prevalent's 2020 Third-Party Risk Management study, its key findings, and implications for compliance professionals.  A Holistic ApproachBrenda describes Prevalent's mission as "...delivering a unified third-party risk management platform that's going to enable businesses to better reveal and interpret and alleviate risk by simplification and speeding risk mitigation awareness …" Prevalent does this through "economic approaches with standardization, how to use networks, how to leverage completed content gathering and making sure that we're doing the big bang for the buck," Brenda says. She emphasizes the importance of a holistic and economic approach. Key Findings and RecommendationsTom and Brenda discuss why Prevalent commissioned The 2020 Third-Party Risk Management study and its key findings and recommendations. Brenda says that the objective of the study was to provide "a state of the union" on third party risk as well as actionable recommendations to the industry. She lists some of the key findings, including:<ul> <li>a lack of process which lessens third party program effectiveness;</li> <li>third party risk management is a team sport;</li> <li>many companies lack confidence in their risk management programs and the results they're getting;</li> </ul> That companies need a comprehensive risk management process is the study's predominant recommendation. Brenda critiques the compliance industry's affinity for questionnaires, which just expose vulnerabilities but do nothing to mitigate them. She remarks, "...if you don't have a way to track and monitor your performance indicators and your risk indicators, then what you're doing is, you're spending a lot of time with questionnaire fatigue, gathering content administratively, identifying risks, and then it stops there. So we've got to get to the point where we're looking at inherent risk and residual risks qualitatively and quantitatively so that we can end up doing what's best for the company moving forward." She argues that industries need to work together to identify and address vulnerabilities across sectors. Working together and sharing information will help everyone elevate their risk posture and reduce vulnerabilities. Resources<a href="https://www.prevalent.net/" rel="nofollow" target="_blank">Prevalent.net</a> <a href="https://www.prevalent.net/content-library/2020-third-party-risk-management-study-the-3rd-rail-of-security-compliance/" rel="nofollow" target="_blank">2020 Third-Party Risk Management Study Report</a>

A Holistic Approach to Third-Party Risk with Brenda Ferraro

Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. As the Voice of Compliance, I wanted to start a podcast which will help to bring both clarity and sanity to the compliance practitioner and compliance profession during this worldwide health and healthcare crisis. In this episode, I am joined by Brenda Ferraro, 3rd Party Risk at Prevalent, Inc. In this time of increased pressure on supply chains, 3rd party risk management has become even more critical. The same is true for 3rd parties on the sales side of the equation. Ferraro discusses the need for quick, efficient and accurate 3rd party risk assessment for business resiliency.For more information on Prevalent, check out their website by clicking here. For more information on the Prevalent Jump Start Program, click here.This podcast is sponsored by SAI Global. To learn how you can protect your business operations and workforce during these uncertain times, visit saiglobal.com/risk for free resources, expert guidance, and industry-leading technology. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. As the Voice of Compliance, I wanted to start a podcast which will help to bring both clarity and sanity to the compliance practitioner and compliance profession during this worldwide health and healthcare crisis. In this episode, I am joined by Brenda Ferraro, 3rd Party Risk at Prevalent, Inc. In this time of increased pressure on supply chains, 3rd party risk management has become even more critical. The same is true for 3rd parties on the sales side of the equation. Ferraro discusses the need for quick, efficient and accurate 3rd party risk assessment for business resiliency.For more information on Prevalent, check out their website by clicking <a href="https://www.prevalent.net/" rel="nofollow" target="_blank">here</a>. For more information on the Prevalent Jump Start Program, click <a href="https://www.prevalent.net/products/tprm-jump-start/" rel="nofollow" target="_blank">here</a>.This podcast is sponsored by SAI Global. To learn how you can protect your business operations and workforce during these uncertain times, visit <a href="https://www.saiglobal.com/risk" rel="nofollow" target="_blank">saiglobal.com/risk</a> for free resources, expert guidance, and industry-leading technology. Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices" rel="nofollow" target="_blank">megaphone.fm/adchoices</a>

Brenda Ferraro on Jump Starting You 3rd Party Risk Management Program