Brad Hibbert's guest appearances

Brad Hibbert

FCPA Compliance Report

Innovation in Compliance with Tom Fox

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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 ComplianceNotable 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.”ResourcesBrad Hibbert on LinkedInPrevalent3Rd Party Risk Management ReportTom FoxInstagramFacebookYouTubeTwitterLinkedIn  Learn more about your ad choices. Visit megaphone.fm/adchoices

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 <a href="http://prevalent.net" rel="nofollow" target="_blank">prevalent.net</a> 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 ComplianceNotable 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.”ResourcesBrad Hibbert on <a href="https://www.linkedin.com/in/bradhibbert/" rel="nofollow" target="_blank">LinkedIn</a><a href="https://www.prevalent.net/" rel="nofollow" target="_blank">Prevalent</a><a href="https://www.prevalent.net/content-library/2023-third-party-risk-management-study/" rel="nofollow" target="_blank">3Rd Party Risk Management Report</a>Tom Fox<a href="https://www.instagram.com/voiceofcompliance" rel="nofollow" target="_blank">Instagram</a><a href="https://www.facebook.com/compliancepodcastnetwork" rel="nofollow" target="_blank">Facebook</a><a href="https://www.youtube.com/channel/UC0-IWb69P1srF_uZOmGtBfQ" rel="nofollow" target="_blank">YouTube</a><a href="https://www.twitter.com/tfoxlaw" rel="nofollow" target="_blank">Twitter</a><a href="https://www.linkedin.com/in/thomasfox13/" rel="nofollow" target="_blank">LinkedIn</a> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices" rel="nofollow" target="_blank">megaphone.fm/adchoices</a>

Brad Hibbert on Prevalent’s 3rd Party Risk Management Report

Brad Hibbert is the Chief Strategy Officer and Chief Operations Officer at Prevalent Inc., a company specializing in eliminating security and compliance exposures tied to third-party vendors and suppliers. Tom Fox welcomes Brad back to this week’s show to explore and discuss a study Prevalent recently released entitled, “The 2022 Third-Party Risk Management Industry Study”. Third-Party Risk Management Industry Survey Brad reveals that Prevalent Inc. has been working on the “Third-Party Risk Management Survey” for approximately three years. To gather data on the subject, they send the survey to thousands of professionals who are focused on third-party risk management, and who also have a background in security. When the results come in they are categorized, analyzed, and observed for any trends. Tom asks Brad what was the overall assessment of third-party risk management he determined from the survey. “I think third-party risk management is certainly getting more awareness within companies and within executive teams within companies,” Brad replied. He also noticed that both IT and non-IT risks are major concerns for the respondents. Key Observations About the State of Third-Party Management Risk TodayTom asks Brad to further analyze and discuss the key findings of the survey. These are the key observations: “Organizations are paying more attention to non-IT security risks but not enough.” Brad explains that programs involved in investigating IT threats are starting to acknowledge the non-IT threats as well. He says “It is no longer just about IT vendors, so organizations are trying to get a broader visibility across that broader supply chain of IT vendors and non-IT vendors, and they're also trying to get a broader visibility of the types of risks that they're looking at.” Brad sees this as a positive trend in the third-party risk management industry.  “Third-party risk management may (finally!) be getting more strategic.” Tom knows that IT professionals and compliance professionals understand the gravity of third-party risk but wonders if higher-level executives see it the same way – this is an issue to be dealt with strategically, he points out. Brad explains that 31% of respondents indicated that they were impacted by a third-party data breach. These incidents will cause entire organizations to raise awareness of third-party risk and take it seriously. He remarks, “People from security, people from procurement, people from contract, legal and compliance are trying to understand how they can get a holistic view of this concern around vendor risk to minimize it throughout that vendor life cycle.”  “Manual methods for assessing third parties persist but dissatisfaction runs high.” Unfortunately, most companies are still solely fixated on their IT main vendors and security risks, and they believe that they can simply use manual methods like emails and spreadsheets. However, as your third-party risk management grows, you can no longer successfully use those methods as they “do not examine the risks and remediate those risks with the vendors efficiently.” “Organizations are concerned with increasingly damaging third-party security incidents but are using disparate tools to detect, investigate and resolve exposures.” Brad says “High profile impactful data breaches are certainly raising awareness of the problem and it’s causing more organizations to monitor third parties for these types of data breaches.” However, the number of successful breaches over the pandemic suggests that organizations are not using established tools to fight the threats.  Full show notes can be found at Compliance Podcast Network.Resources Brad Hibbert | LinkedIn | TwitterPrevalent Inc. | Third-Party Risk Management Study

Brad Hibbert is the Chief Strategy Officer and Chief Operations Officer at Prevalent Inc., a company specializing in eliminating security and compliance exposures tied to third-party vendors and suppliers. Tom Fox welcomes Brad back to this week’s show to explore and discuss a study Prevalent recently released entitled, “The 2022 Third-Party Risk Management Industry Study”.  Third-Party Risk Management Industry Survey Brad reveals that Prevalent Inc. has been working on the “Third-Party Risk Management Survey” for approximately three years. To gather data on the subject, they send the survey to thousands of professionals who are focused on third-party risk management, and who also have a background in security. When the results come in they are categorized, analyzed, and observed for any trends. Tom asks Brad what was the overall assessment of third-party risk management he determined from the survey. “I think third-party risk management is certainly getting more awareness within companies and within executive teams within companies,” Brad replied. He also noticed that both IT and non-IT risks are major concerns for the respondents.  Key Observations About the State of Third-Party Management Risk TodayTom asks Brad to further analyze and discuss the key findings of the survey. These are the key observations:<ul> <li>“Organizations are paying more attention to non-IT security risks but not enough.” Brad explains that programs involved in investigating IT threats are starting to acknowledge the non-IT threats as well. He says “It is no longer just about IT vendors, so organizations are trying to get a broader visibility across that broader supply chain of IT vendors and non-IT vendors, and they're also trying to get a broader visibility of the types of risks that they're looking at.” Brad sees this as a positive trend in the third-party risk management industry. </li> <li>“Third-party risk management may (finally!) be getting more strategic.” Tom knows that IT professionals and compliance professionals understand the gravity of third-party risk but wonders if higher-level executives see it the same way – this is an issue to be dealt with strategically, he points out. Brad explains that 31% of respondents indicated that they were impacted by a third-party data breach. These incidents will cause entire organizations to raise awareness of third-party risk and take it seriously. He remarks, “People from security, people from procurement, people from contract, legal and compliance are trying to understand how they can get a holistic view of this concern around vendor risk to minimize it throughout that vendor life cycle.” </li> <li>“Manual methods for assessing third parties persist but dissatisfaction runs high.” Unfortunately, most companies are still solely fixated on their IT main vendors and security risks, and they believe that they can simply use manual methods like emails and spreadsheets. However, as your third-party risk management grows, you can no longer successfully use those methods as they “do not examine the risks and remediate those risks with the vendors efficiently.”</li> <li>“Organizations are concerned with increasingly damaging third-party security incidents but are using disparate tools to detect, investigate and resolve exposures.” Brad says “High profile impactful data breaches are certainly raising awareness of the problem and it’s causing more organizations to monitor third parties for these types of data breaches.” However, the number of successful breaches over the pandemic suggests that organizations are not using established tools to fight the threats. </li> </ul> Full show notes can be found at <a href="http://compliancepodcastnetwork.net/third-party-risk-management-industry-with-brad-hibbert" rel="nofollow" target="_blank">Compliance Podcast Network</a>. Resources Brad Hibbert | <a href="https://ca.linkedin.com/in/bradhibbert" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/prevalentnet?lang=en" rel="nofollow" target="_blank">Twitter</a><a href="https://www.prevalent.net/" rel="nofollow" target="_blank">Prevalent Inc.</a> | <a href="https://www.prevalent.net/assets/documents/2022-Third-Party-Risk-Management-Study.pdf" rel="nofollow" target="_blank">Third-Party Risk Management Study</a>

Third-Party Risk Management Industry with Brad Hibbert

Tom Fox welcomes Brad Hibbert on this episode of the Innovation in Compliance Podcast. Brad is the Chief Strategy Officer of Prevalent, Inc. He joins Tom to talk about how Prevalent helps companies manage third-party risk, the importance of risk management, and what the future for risk management in the compliance world may look like. Managing Third-Party RiskTom asks Brad to explain how Prevalent helps companies manage third-party risks. "We have a SaaS platform that helps organizations identify those risks, report against those risks, and then provide remediation capabilities to reduce those risks at every stage of the vendor lifecycle," Brad tells Tom. Risk management is no longer about just doing reactive reporting on an annual basis. Risk has to be proactively monitored, identified, and reduced on a day-to-day basis, and especially when companies are having day-to-day conversations with their third parties during contract execution. Prevalent enables its risk management platform by having different team members interact with the third parties to collaborate and reduce the risks at every stage of the vendor life cycle. A Must HaveThird-party risk management is a must-have right now, and will continue to be in the future. "What organizations are realizing is they have to move beyond the compliance check box and actually reduce the risk associated with these third parties," Brad remarks. Compliance is one of the drivers of this, but another main factor is the pandemic. COVID has changed the way companies and businesses operate, and has also exposed their weaknesses. With the shift to the hybrid work environment, and the increase of work from home, companies have had rapidly onboard third-party risks due to the use of online platforms. The risk of cyber-attacks and information being leaked is high, so being able to manage and protect companies from that is paramount. The Contract Essentials SaaS SolutionTom asks Brad to explain the contract essentials SaaS solution. The SaaS solution allows the company to onboard or add existing contracts. Prevalent's platform has very strong workflow and collaboration capabilities that focus on vendor risk, which is also good for profiling current contracts to see where the risk lies. Companies can use the SaaS solution to upload their contracts, or any related documentation surrounding it to a secured file, and it allows them to collaborate with third parties outside of the corporate network.The Future of Third-Party Risk ManagementBrad predicts a convergence of third-party risk management and the broader third party. "We're going to continue to focus on building solutions that are easy to use that enable data sharing between the different groups that promote efficiency, collaboration, and then risk reduction," he says. Organizations can no longer simply rely on assessments, instead must have continuous insights play major roles at all levels of the vendor life cycle. Monitoring the financial risk, the business risk, and the cyber risk proactively to create appropriate measures is something that will continue as well. ResourcesBrad Hibbert | LinkedIn | TwitterPrevalent, Inc.

Tom Fox welcomes Brad Hibbert on this episode of the Innovation in Compliance Podcast. Brad is the Chief Strategy Officer of Prevalent, Inc. He joins Tom to talk about how Prevalent helps companies manage third-party risk, the importance of risk management, and what the future for risk management in the compliance world may look like.  Managing Third-Party RiskTom asks Brad to explain how Prevalent helps companies manage third-party risks. "We have a SaaS platform that helps organizations identify those risks, report against those risks, and then provide remediation capabilities to reduce those risks at every stage of the vendor lifecycle," Brad tells Tom. Risk management is no longer about just doing reactive reporting on an annual basis. Risk has to be proactively monitored, identified, and reduced on a day-to-day basis, and especially when companies are having day-to-day conversations with their third parties during contract execution. Prevalent enables its risk management platform by having different team members interact with the third parties to collaborate and reduce the risks at every stage of the vendor life cycle.  A Must HaveThird-party risk management is a must-have right now, and will continue to be in the future. "What organizations are realizing is they have to move beyond the compliance check box and actually reduce the risk associated with these third parties," Brad remarks. Compliance is one of the drivers of this, but another main factor is the pandemic. COVID has changed the way companies and businesses operate, and has also exposed their weaknesses. With the shift to the hybrid work environment, and the increase of work from home, companies have had rapidly onboard third-party risks due to the use of online platforms. The risk of cyber-attacks and information being leaked is high, so being able to manage and protect companies from that is paramount.  The Contract Essentials SaaS SolutionTom asks Brad to explain the contract essentials SaaS solution. The SaaS solution allows the company to onboard or add existing contracts. Prevalent's platform has very strong workflow and collaboration capabilities that focus on vendor risk, which is also good for profiling current contracts to see where the risk lies. Companies can use the SaaS solution to upload their contracts, or any related documentation surrounding it to a secured file, and it allows them to collaborate with third parties outside of the corporate network. The Future of Third-Party Risk ManagementBrad predicts a convergence of third-party risk management and the broader third party. "We're going to continue to focus on building solutions that are easy to use that enable data sharing between the different groups that promote efficiency, collaboration, and then risk reduction," he says. Organizations can no longer simply rely on assessments, instead must have continuous insights play major roles at all levels of the vendor life cycle. Monitoring the financial risk, the business risk, and the cyber risk proactively to create appropriate measures is something that will continue as well.  ResourcesBrad Hibbert | <a href="https://ca.linkedin.com/in/bradhibbert" rel="nofollow" target="_blank">LinkedIn</a> | <a href="https://twitter.com/bradhibbert" rel="nofollow" target="_blank">Twitter</a><a href="https://www.prevalent.net/" rel="nofollow" target="_blank">Prevalent, Inc.</a>