Have You Done Due Diligence on Your Vendor's Vendor's Vendor? De-Risking Your IT Supply Chain
Most banks rely on dozens of vendors, multiple layers deep behind other vendors, to provide critical systems. You need to ferret out, understand, and eliminate the supply-chain vulnerabilities that these relationships introduce.
The COVID-19 pandemic is exacerbating these risks and requiring more due diligence by your institution. You can focus on seven key areas to determine if your supply chain risk exceeds the board’s risk tolerance.
- What are the best strategies to identify supply chain risks?
- How can you prevent potential security breaches?
- Which vendors pose the most significant risks?
- How can you determine risks from outsourcing by your vendors?
- What board oversight is necessary?
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