...Technology Life Cycle Management (TLCM) Process>Third Party Risk Assessment Purpose | To provide a repeatable process for assessing and monitoring risks associated with third party relationships. | Entry Criteria | Existing vendor utilized to manage costs, provide expertise or improve service offerings. Third Party Risk Policy | Exit Criteria | Third Party Risk Assessment | Deliverables | - Third Party Risk Results - High Risk Vendor Management Report | Tailoring Guidelines | Tailoring is not applicable for this procedure | Role | Tasks | Corporate Functional SME | The Corporate Functional SME reviews the Third Party Risk assessment results for their area of expertise (Business Continuity, Financial, CISS, Brand and Marketing, Privacy and Reputational Risk). | Vendor Relationship Manager | The Vendor Relationship Manager (VRM) evaluates and rates areas of risk associated managing a third party relationship. | Financial Intelligence Dept. (FID) | Monitors Third Party Risk Assessment due dates Receives and reviews Third Party Risk Assessments from VRMs Records the Risk Assessment results to the Vendor Database Reports vendors with high residual risk and those we are unable to rate Reports delinquent third part risk assessments Reports data shared with vendors and breeches of data | Business Unit Senior Management | Reviews and approves high risks | Step...
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...Third-Party Risks According to the article, “Working Well Together”, managing third party risks is becoming an increasing concern within financial institutions. The article is a compilation of respondents’ answers concerning third party risks. The article outlined three major issues in connection to third party risk: third part risk is causing harm, management program needs to be improved, and not having the full visibility of third party risks. Companies are asking how to gain more visibility into third party risks, who really “owns” the risks, and how can companies set priorities and improve efficiencies. Due to limited resources, most institutions have some type of third party interactions. Companies interact with third party vendors from supplier, transportation, business services, equipment, marketing & sales, & joint ventures. 65% of respondents advise they use third party vendors regularly in their lines of business while only 4% advised they rarely or never use third party vendors. 38% of the respondents expect an increase in their usage of third party vendors while 9% estimate a decrease. The largest third party vendor is from the technology sector and business services being the runner up. Article Summary The article states that since 65% of companies rely on third party vendors this increases their risk and exposure. At the time of the survey, only 2 companies didn’t use third party vendors. Companies working with third party vendors can have...
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...Overview 5 Market Analysis 5 Situation Analysis 5 Competitor Analysis 5 Environmental Analysis 5 Output Analysis 5 Conclusion 6 4. CONSULTATION 7 5. INTELLECTUAL PROPERTY 8 Assignment of Intellectual Property 8 New Intellectual Property 8 6. COST/BENEFIT ANALYSIS 9 Budget 9 Benefits 9 Insurance 9 Taxation 9 Competitive Neutrality (Applicable to activities delivered within Australia only) 9 Staffing Requirements and Costs 10 New Staff 10 Staffing located at Third Party 10 7. DUE DILIGENCE ASSESSMENT (ONLY IF THIRD PARTY INVOLVED) 11 Description of third party 11 Location of Third Party 11 Governance of Third Party 12 Financial Viability and Sustainability 12 Academic Experience and Capability 12 Conclusion 12 8. RISK ASSESSMENT (incl corruption assessment) 13 Conclusions 13 9. GOVERNANCE, MANAGEMENT AND LEGAL 14 Legal structure 14 Compliance Obligations 14 Management Plan 14 Audit of Activity 14 Conclusions 14 11. TIMELINES AND REPORTING 15 1. EXECUTIVE SUMMARY In this section, provide a concise overview of what you are proposing and why it should be supported. This should address the following: Background ■ how did this proposal came about? ■ what options did you consider? ■ why was this option chosen? Strategic Alignment ■ Does the activity support an approved priority of the University expressed in your Operational Plan or Strategic...
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...Overview 5 Market Analysis 5 Situation Analysis 5 Competitor Analysis 5 Environmental Analysis 5 Output Analysis 5 Conclusion 6 4. CONSULTATION 7 5. INTELLECTUAL PROPERTY 8 Assignment of Intellectual Property 8 New Intellectual Property 8 6. COST/BENEFIT ANALYSIS 9 Budget 9 Benefits 9 Insurance 9 Taxation 9 Competitive Neutrality (Applicable to activities delivered within Australia only) 9 Staffing Requirements and Costs 10 New Staff 10 Staffing located at Third Party 10 7. DUE DILIGENCE ASSESSMENT (ONLY IF THIRD PARTY INVOLVED) 11 Description of third party 11 Location of Third Party 11 Governance of Third Party 12 Financial Viability and Sustainability 12 Academic Experience and Capability 12 Conclusion 12 8. RISK ASSESSMENT (incl corruption assessment) 13 Conclusions 13 9. GOVERNANCE, MANAGEMENT AND LEGAL 14 Legal structure 14 Compliance Obligations 14 Management Plan 14 Audit of Activity 14 Conclusions 14 11. TIMELINES AND REPORTING 15 1. EXECUTIVE SUMMARY In this section, provide a concise overview of what you are proposing and why it should be supported. This should address the following: Background ■ how did this proposal came about? ■ what options did you consider? ■ why was this option chosen? Strategic Alignment ■ Does the activity support an approved priority of the University expressed in your Operational Plan or Strategic...
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...on IT risk February 2010 Top privacy issues for 2010 Information serves as an integral part of most business processes. Organizations cannot survive without information and the supporting systems, third parties and manual activities that collect, derive, process, store and make available the information. Organizations rely on information and, therefore, are at risk when the information is degraded. In addition, information often imposes obligations to the organization, whether because a law or regulation requires it, or fiduciary duty demands it. Enterprise governance, risk and compliance (GRC) represents the actions that an organization takes to achieve its performance objectives and manage risk. This includes information risk and the organization’s obligations over the information it owns, produces, uses and makes available to others. Organizations use different kinds of information — financial, business, intellectual property, etc. — each with its own unique governance, risk and compliance considerations. Personal information is one such information category, and in this publication we take a closer look at the specifics of personal information and privacy risk. Insights on IT risk — February 2010 1 Introduction to privacy risk management and compliance This document introduces the related topics of privacy risk management and compliance, describes how they must be addressed integrally to be effectively managed, discusses how effective management can lead...
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...Risk Management The 4 Steps in Risk Management: 1.1. Risk Assessment (Information)- Risk assessment is the process of identification and evaluation of exposures that threaten a company’s assets and profitability. Combining legal and technical knowledge with common sense promotes good risk assessment. 1.2. Loss Control (Action)- Process of reducing the frequency and severity of losses through preventative measures 1.3. Risk Transferring (Action)- This is the process of shifting the financial burdens of losses outside the responsibility of the organization. The purpose of this action is to take a specific risk, which is detailed in the insurance contract, and pass it from one party who does not wish to have this risk to a party who is willing to take on the risk for a fee, or premium. 1.4. Risk Monitoring (Follow-up)- This is a process of continually assessing pre-existing and potential exposures that could threaten the organization. One thing to remember is that this is a proactive and ongoing action. 1. Establish an Indemnity Clause An Indemnity clause is a written agreement between a business chain that requires one party, such as a supplier, to indemnify any losses to the business. Indemnity clauses are useful because if for any reason the organization is unsatisfied with any products it received, the business/corporation would receive an indemnity from the supplier, which usually becomes a reduction on price. So if a customer was unsatisfied...
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...Risk Management: Project proposal Student’s Name Institutional Affiliation Table of Contents Project objective 3 Project Overview 3 The significance of the project 4 Project outline 7 Implementation plan Time frame 7 Manpower 11 Role of service providers 11 Role of Internal employees 13 Role of the directors 13 Budget proposal 14 Contributing factors 15 Increase in the level of cyber attacks 15 Use of third party service providers 15 Numerous breakdowns in new software and hardware 16 Description of deliverables 16 Redefining the Architecture model 16 Increased information security 17 Risk management section 18 Conclusion 19 References 21 Project objective This project aims at creating an effective risk management strategy and policy in Aarbin. This is meant to ensure that the organization is safeguarded from the existing risks within the information technology sector. Project Overview Information technology is one of the areas that have received tremendous growth. This situation makes information technology management companies to be vital in the current global market. Due to increased pressure towards information technology, it is therefore common that there could be certain resultant risks that could arise among information technology management companies. Aarbin Technology indulges in the information technology sector and therefore as an organization it is significant if it considers embracing...
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...Human Resources Risk Mitigation: Objective • Human resources policies and practices should reduce the human risk factors in information technology (IT) security and information access controls. Decrease the risk of theft, fraud or misuse of information facilities by employees, contractors and third-party users. Scope • the organization’s human resources policies, taken as a whole, should extend to all the persons within and external to the organization that do (or may) use information or information processing facilities. This could include: * tailoring requirements to be suitable for particular roles within the organization for which persons are considered; * ensuring that persons fully understand the security responsibilities and liabilities of their role(s); * ensuring awareness of information security threats and concerns, and the necessary steps to mitigate those threats; and * Providing all persons to support organizational privacy and security policies in the course of their normal work, through appropriate training and awareness programs that reduce human error; and ensuring that persons exit the organization, or change employment responsibilities within the organization, in an orderly manner. Roles and responsibilities • Security roles and responsibilities of employees, contractors and third-party users should be defined and documented in accordance with the organization's information privacy and security policies. This could include: * To act...
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...Leonardo Journal of Sciences ISSN 1583-0233 Issue 13, July-December 2008 p. 7-21 Network Security: Policies and Guidelines for Effective Network Management Jonathan Gana KOLO, Umar Suleiman DAUDA Department of Electrical and Computer Engineering, Federal University of Technology, Minna, Nigeria. jgkolo@gmail.com, usdauda@gmail.com Abstract Network security and management in Information and Communication Technology (ICT) is the ability to maintain the integrity of a system or network, its data and its immediate environment. The various innovations and uses to which networks are being put are growing by the day and hence are becoming complex and invariably more difficult to manage by the day. Computers are found in every business such as banking, insurance, hospital, education, manufacturing, etc. The widespread use of these systems implies crime and insecurity on a global scale. In addition, the tremendous benefits brought about by Internet have also widened the scope of crime and insecurity at an alarming rate. Also, ICT has fast become a primary differentiator for institution/organization leaders as it offers effective and convenient means of interaction with each other across the globe. This upsurge in the population of organizations depending on ICT for business transaction has brought with it a growing number of security threats and attacks on poorly managed and secured networks primarily to steal personal data, particularly financial information and password...
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...Introduction Risk is an expression that is pointing out a possible future outcome, where this outcome might be positive or negative arising from an action. While risks can affect almost all aspects of our life, studies back to the end of World War II only started to take place establishing the basis of how risks might be controlled and managed (Dionne, 2013), even in the context of financial institutions, risk analysis was not well considered until very recently (SCHROECK, 2002). Since the negative outcomes of an action are undesired and to some extent, catastrophic, risk management is getting greater attention overtime and becoming an integral part of managing businesses and projects or even personal events. Risk management, in my opinion, is described as the process of defining, assessing, prioritizing, and then developing and implementing plans for either minimizing the impact of the future outcome in case of negative risk or maximizing the impact of the future outcome in case of positive risk. Another definition dealing with the project’s risks, as per the Project Management Institute is that “Project Risk Management includes the process of conduction risk management planning, identification, analysis, response planning, and monitoring and control of a project.” (PMI, 2008, p. 273) Moreover, leveraging the possibility and effect of positive risks and reducing the possibility and impact of negative risks are indeed the objectives of project risk management (PMI, 2008) ...
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...helps managers and analysts maintain standards while provide the most ‘bang’ for the ‘buck.’ Information systems and information technology are the latest functions to see large segments become outsourced to third parties as a means to an end. Outsourcing is not a new trend. In most businesses some percentage of each department is outsourced in some way. For instance, 94% of the businesses surveyed by HR Magazine outsource some aspect of their organizations’ human resource functions to be handled by one or more third parties; in most cases it is more than 60% of the given function (Gurchiek, 2005). Strategic planners use outsourcing as a tool to help organizations meet their goals while maintaining financial leanness and low cost/benefit ratios. In the information technology environment, outsourcing has increased primarily due to the sheer number of specialties involve in the field as a whole. Having a department to facilitate business strategies while performing routine IT maintenance is exceedingly expensive; this high cost is due to man hours of the skilled workers that most mid to large businesses would require to successfully manage these IT functions. Outsourcing is chosen to provide a means for reducing cost and risks by passing responsibility to an outside party....
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...Program Management Plan Project Management Plan apple inc 1 infinite loop Cupertino, Ca. 95014 September 20, 2015 Table of Contents Introduction 2 Project Management Approach 2 Project Scope 3 Milestone List 3 Schedule Baseline and Work Breakdown Structure 4 Change Management Plan 4 Communications Management Plan 5 Cost Management Plan 7 Procurement Management Plan 9 Project Scope Management Plan 9 Schedule Management Plan 10 Quality Management Plan 11 Risk Management Plan 13 Risk Register 13 Staffing Management Plan 13 Resource Calendar 15 Cost Baseline 15 Quality Baseline 16 Sponsor Acceptance 17 Introduction Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a variety or related software, services, accessories, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OSX operating systems, iCloud, and a variety of accessory, service and support offerings. In September 2014, the Company announced Apple Watch and Apple Pay, which is now available. The Company also sells and delivers digital content and applications through the iTunes Store, App Store, iBooks Store and Mac App Store. The Company sells its products worldwide through...
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...Shopper program will be logging intimate data about Kudler Fine Foods customers. Each customer will have to provide contact information and postal address information. As the customer begins to make purchases each transaction will be cataloged which will expose purchasing habits along with other metadata that can be interrupted, such as the typical time of week and day the customer shops. Kudler Fine Foods management must declare a set standard of what data is to be logged to protect customers. Questions must be asked about how certain data is associated with customers. For example, transaction times could be disassociated from a direct customer profile but still provide insight as to popular shopping times. Outlining the ethics of the data collected provides a means for designing other areas of the system. Understanding how data will be represented in an ethical matter decides how it is gathered, stored, and later processed into information. The intent of this information will be to catalog purchasing habits for internal use; but, the data will also be shared with third party services in exchange for loyalty programs. The previous example of transaction times are customer...
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...CCS, FAHIMA Copyright ©2006 by the American Health Information Management Association. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, photocopying, recording, or otherwise, without the prior written permission of the publisher. ISBN 1-58426-070-X AHIMA Product No. AB202006 Ken Zielske, Director of Publications Susan Hull, MPH, RHIA, CCS, CCS-P, Technical Reviewer Marcia Loellbach, MS, Project Editor Elizabeth Lund, Assistant Editor Melissa Ulbricht, Editorial/Production Coordinator All information contained within this book, including Web sites and regulatory information, was current and valid as of the date of publication. However, Web page addresses and the information on them may change or disappear at any time and for any number of reasons. The user is encouraged to perform his or her own general Web searches to locate any site addresses listed here that are no longer valid. AHIMA strives to recognize the value of people from every racial and ethnic background as well as all genders, age groups, and sexual orientations by building its membership and leadership resources to reflect the rich diversity of the American population. AHIMA encourages the celebration and promotion of human diversity through education, mentoring, recognition, leadership, and other programs. American Health Information Management Association 233 North Michigan Avenue, Suite 2150 Chicago, Illinois...
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...Business and fraud risk identification 511 Page 1 of 7 Entity Period ended Objective: To provide additional guidance on business and fraud risk identification. First identify sources of risk through understanding the entity (Form 510). This worksheet provides some additional sources of business and fraud risk that may be considered along with some typical control procedures. Cross reference the additional risk factors identified to Forms 520/522 (or their equivalent) where the risks can be assessed. This form does not include risks that relate to a particular industry or to a particular engagement. Note: Many business risks also create opportunity for fraud to occur (such as a new accounting system). Record such risks on both Form 520 and Form 522. 1. Corporate governance structure Consider corporate values, direction, major decisions, spending and internal control systems. Business risk factors Poorly skilled or inexperienced directors No audit committee Lack of board members who are independent of management No strategic business plan No code of conduct Infrequent board meetings Poorly skilled or inexperienced audit committee Limited or no internal audit function Management dominated by a single person or a small group Inadequate policies and internal controls over major decisions and expenditures Management roles and responsibilities not clear (no senior management job descriptions) High turnover in board, management or accounting personnel Fraud risk factors No...
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