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Risk-Based Vendor Management Fundamentals

Examine the cutting-edge issues in designing and executing privacy and security risk assessments.

This topic will focus on the fundamentals of creating and implementing a risk-based vendor management program designed to address the increasing threat of cybersecurity incidents. The risk to the privacy and security of an organization's sensitive, personally identifiable, proprietary, and financial information continues to grow as cybersecurity attacks become more sophisticated. A growing number of these attacks occur through third parties, vendors, service providers, or the supply chain. Traditional vendor management programs may not be adequate for identifying and minimizing these risks. We will take a look at the threat landscape, review basic elements of a cybersecurity-focused vendor management program, identify best practices, and discuss program ownership and available resources. Whether your organization purchases software products, connected devices, or SaaS; outsources services; or engages managed service providers, this information will help you create or update your vendor management program to address cybersecurity risks posed by third parties, vendors, services providers, or the supply chain.

58 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Risk-Based, Cybersecurity-Focused Vendor Management and Why Organizations Need It

  • The Cybersecurity Threat Landscape
    • Understanding Cybersecurity Risks Posed by Third Parties, Vendors, Service Providers, and the Supply Chain
    • The Potential Impact on Organizations
  • Regulatory and Contractual Compliance Obligations

Assembling an Interdisciplinary Vendor Management Team

  • Identifying Appropriate Stakeholders
  • Identifying Team Responsibilities
    • Creating or Updating a CybersecurityFocused Vendor Management Program
    • Monitoring Internal Program Compliance
    • Auditing ThirdParty Compliance
    • Performing Vendor On and Offboarding
    • Assuming Responsibility for Vendor Communications, Data Breach Response
    • Identifying Appropriate Method of Performance Manual, Automated

Developing an Appropriate Risk-Based Vendor Management Program

  • Creating a Third-Party, Vendor, and Service Provider Inventory
  • Identifying Regulatory and Contractual Compliance Obligations
  • Identifying Potential Risks to Data and Systems; Assign Risk Levels
  • Creating Scalable Standards
  • Creating Risk Assessment Questionnaire
  • Developing Internal Policies and Procedures for Implementing, Reviewing, and Monitoring the Program

Performing Due Diligence

  • Assessing and Evaluating Responses to Risk Assessment
  • Conducting Onsite Audits
  • Obtaining Required Certifications
  • Validating Vendor Representations

Executing Vendor Contracts

  • Drafting Contractual Obligations
    • Addressing Reasonable Safeguards
    • Allocating Risk
  • Performing Internal Contract Management
  • Reviewing and Updating Contracts as Necessary

Best Practices

  • Maintaining Documentation of Risk Assessments and Supporting Documents
  • Limiting Vendor Access to Data and Systems
  • Implementing Internal Incident Response and Business Continuity Plans
  • Segmenting Systems
  • Monitoring Vendor's Cybersecurity Controls
  • Training Internal Staff
  • Minimizing Data Collection; Adhering to Appropriate Date Retention Schedules
  • Assembling a Truly Interdisciplinary Team

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • ME CLE 1.0
     
  • NJ CLE 1.2
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on October 18, 2021.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Mary T. Costigan

Mary T. Costigan

Jackson Lewis P.C.

  • Member of the Jackson Lewis P.C. Privacy, Data and Cybersecurity Practice Group
  • Advises multinational, national, and regional companies on emerging data privacy and cybersecurity issues including mandates, best practices, and preventive safeguards
  • A certified information privacy professional with the International Association of Privacy Professionals and co-chair of the New Jersey chapter
  • Writes and speaks frequently on a variety of data protection issues; she wrote the OneTrust DataGuidance “New Jersey – Data Protection Overview” and posts frequently to the Jackson Lewis Workplace Privacy Report blog
  • Recent webinars and presentations include “Data Protection Update: Post-pandemic remote workers, trending laws and ransomware FAQs” for the New Jersey Association of Corporate Counsel, “Mitigating Risk by Managing Your Sensitive Data” for ARMA New Jersey, “Data Privacy” for L&E Global, and “The CCPA”, for Truyo Privacy Leaders Circle
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408817
Published 2021
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