IT Business Edge – Setting the Right Tone for Risk Management

Without one person in an organization responsible for managing third-party risk, companies face a serious barrier to achieving effective third-party risk management, according to a new study. The study, “Tone at the Top and Third-Party Risk,” was conducted by the Ponemon Institute and sponsored by Shared Assessments, a member-driven, industry-standard body specializing in third-party risk assurance. “Tone at the Top” describes an organization’s environment, as established by its board of directors, audit committee and senior management. It is set by all levels of management and trickles down to all employees. “If management is committed to a culture and environment that embraces honesty, integrity and ethics, employees are more likely to uphold those same values,” according to the report. ”

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