Creating a step-by-step system to evaluate and review your vendor due diligence documentation can ease the burden of vendor oversight while ensuring all vendors are monitored appropriately and thoroughly.
Recently, we received a question from one of our Tandem Vendor Management software users.
In July 2020, the National Credit Union Administration (NCUA) published their updated 2020 Supervisory Priorities. In the "Information Systems and Assurance (Cybersecurity)" section, the NCUA stated:
In the process of conducting a work from home risk assessment, once you have identified reasonably foreseeable threats to your organization and data, the next step is to evaluate and implement controls.
If you have decided to conduct a work from home risk assessment, the first step in the process is to identify reasonably foreseeable threats. In the context of a remote work environment, you should be evaluating people, process, and technology threats. The success of such a threat may result in the compromise of your customer, member, or organization data. Here are five threats to keep in mind, as you begin your risk assessment.
Securing customer, member, and organization data while employees work remotely is a timeless topic, but it takes on a unique angle when organizations are doing so out of an effort to continue operations amid a pandemic.
If you have ever worked to develop, review, or test a Business Continuity or Disaster Recovery Plan (BCP or DRP), you may be familiar with the terms Recovery Point Objective (RPO), Recovery Time Objective (RTO), and Maximum Tolerable Downtime (MTD). But what do these terms mean, how are they different, and why are they important? Let's take a look.
Yes, I was able to check the box on my audit that asked if we have a Business Continuity Plan (BCP). I was even able to say it was approved by our Board within the past 12 months. My compliance checklist is clean, but how do I know if the plan will really help during a disaster?
Click here to download a PDF document of the Pandemic Plan Checklist for BCP.
There have been several health pandemic breakouts in recent history. Some of the more notable ones include the SARS outbreak which made world news in 2002, the Ebola outbreak of 2019, and more recently, the coronavirus, also known as COVID-19, which is making world news in 2020. When outbreaks like these occur, banks, credit unions, and other critical consumer service businesses should ensure their biological pandemic plans are reviewed, updated, and tested. In this article, we will walk through four questions to ask as you evaluate and update your pandemic plan.