Editor’s note: WBENC Insights is a password protected, online knowledge resource for WBENC-Certified WBEs and National Corporate and Government Members featuring best practices, case studies, templates, resources and more. Today, WBENC Corporate Member JPMorgan Chase shares an excerpt from an article on WBENC Insights about managing risk.
Top Five Things You Should Consider When Protecting Your Business (and Your Client’s) from Risk
By Jill Davis, Vice President, Marketing Manager, Global Supplier Diversity with JP Morgan Chase
JPMorgan Chase dedicates a Third-Party Oversight team to manage risk. Here are five key things that the team suggests every business owner should do to protect their companies and subsequently their clients:
- Ensure you are only receiving, storing and processing the data necessary to perform the service. Minimize YOUR risk of that data being exposed while within your environment.
- Make sure you have defined a Business Continuity Plan with appropriate coverages aligned to committed Service Level Agreements and conduct periodic table-top testing (inclusive of Disaster Recovery and Cyber Incidents).
- Ensure you understand your end to end supply chain supporting the service being provided and are performing due diligence/oversight of your suppliers. Particularly any that may receive data or you may have dependencies upon.
- Make sure you prioritize understanding your organization’s strengths and weaknesses with Cybersecurity and what to incorporate into your risk management activities.
- Understand the highest risk areas related to your service (perform an Enterprise level risk assessment) and invest in proper controls accordingly across the highest risk areas.
Read the full article on WBENC Insights to learn more about how JPMorgan Chase prepares diverse suppliers for success in the banking and financial industry.