Brad Hibbert Archives - Compliance Podcast Network

FCPA Compliance Report: Brad Hibbert on Prevalent’s 2024 Third Party Risk Management Report

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, Tom Fox takes a deep dive into the Prevalent 2024 Third Party Risk Management Report with Brad Hibbert, the Chief Strategy Officer and COO at Prevalent.

Hibbert drives Prevalent’s product vision and strategy development, which draws from the Third Party Risk Management Report. The Prevalent Report outlines the complexities of managing third-party vendor relationships, highlighting the various phases involved, such as onboarding, contracting, and offboarding.

It examines the inefficiencies and risks that arise from fragmented processes and technologies handled by different teams. Our conversation explores how these challenges impact risk visibility and resource management, emphasizing the downstream effects on program scalability and decision-making.

Highlights in this Episode:

Introduction to Vendor Relationship Phases
Challenges in Managing Vendor Relationships
Inefficiencies and Risks in Vendor Management
Impact on Risk Visibility and Decision Making
Pressure on Teams and Resource Implications

Resources:

Brad Hibbert on LinkedIn

Prevalent

Prevalent’s 2024 Third Party Risk Management Report

Tom Fox

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

FCPA Compliance Report – Brad Hibbert on Prevalent’s 2023 3rd Party Risk Management Report

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. Today, Tom visits Brad Hibbert, COO/CSO at Prevalent, as they discuss the surprising findings of Prevalent’s annual third-party risk management study. Discover why so many organizations still rely on spreadsheets and manual processes for managing third-party risks. Brad recommends an integrated approach to third-party risk management that considers the entire lifecycle of the relationship with third parties.

The podcast highlights the top five key findings of the report, including data breaches as the top concern, security driving the program, and the increased involvement of IT in the process. Learn how to minimize cyber exposure and risks associated with third-party management by breaking down silos, automating processes, and focusing on reducing risks associated with third parties. Listen to Brad’s practical advice on how to prioritize risks and plan your risk management program and visit prevalent.net for more compliance mandates and best practices. With exciting insights and actionable advice, this podcast is a must-listen for anyone interested in managing third-party risks.

Key Highlights:

· Prevalent’s annual third-party risk management study

· Integrated Third Party Risk Management

· Top Challenges for Organizations in Data Security

· Third Party Risk Management Survey and Findings

· Minimizing Cyber Breaches

· Effective Response to Breaches and Third-Party Programs

· Managing Business Risks for Compliance

Notable Quotes:

“The top concern driving third-party risk management programs is security, with 71 percent indicating it as their main priority.”

“Data breaches continue to be a top concern, with 41 percent of the respondents indicating that they were impacted by a third-party data breach in the last 12 months and had to perform some remedial activity.”

“About 70 percent reported increased involvement from the IT group, while 71 percent indicated that infosec owns the program.”

“Identifying and mitigating risks before the company is impacted.”

“Customs put together this enforcement dashboard that contains all of these statistics on how they’ve been enforcing the UFLPA.”

Resources