Risk Management Show
Unpacking TPRM's Split Focus: What It Means for Risk Managers in 2024 with Loren Johnson
Dec 16, 2024
Loren Johnson, a Risk Evangelist at Aravo specializing in third-party risk management, discusses the evolving landscape of risk management. He examines the split between cybersecurity and traditional risk practices, emphasizing the need for cohesive strategies. Loren highlights how regulations like DORA are shaping TPRM and offers practical advice for improving risk management approaches. He also dives into the role of AI and technology, advocating for a holistic view of risk management in today’s interconnected business landscape.
23:59
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Quick takeaways
- The split focus between cybersecurity and traditional risk management necessitates a reassessment of organizational structures for effective third-party risk management.
- Emerging regulations like DORA are driving organizations towards unified risk management strategies to ensure accountability and compliance for both cyber and non-cyber risks.
Deep dives
Bifurcation of Third-Party Risk Management
Third-party risk management has increasingly split into two distinct areas: cybersecurity and non-cybersecurity. Each area has its own characteristics, with the cyber side demanding a faster response due to the immediate implications of breaches and vulnerabilities. Non-cyber risks, such as supply chain issues and compliance violations, tend to unfold over a longer timeline, allowing for more strategic planning. The emerging differences are prompting organizations to reassess how they structure their risk management teams to ensure efficiency and comprehensive oversight across both domains.
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