It's always a good time to do a supplier risk review. Start by understanding where your supplier data is being kept — all the certifications and verifications, licenses, etc. (Photo: Shutterstock)
Financial services organizations — insurance companies, credit unions, banks, wealth management firms and wire houses — are constantly trying to find a balance between regulatory mandates and expectations, and operational efficiency.
Massive supplier data breaches seem like they have become an almost regular occurrence (when they're reported), customer privacy and data laws are becoming more stringent (GDPR), and predatory behavior by suppliers and vendors is an ongoing issue. Certainly, the porous nature of globalization isn't making things any easier. With all that to contend with, it's critical to remember you can pin the blame for risk on third parties, not the responsibility for it.
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