All Things Internal Audit Podcast: The Rise of Fourth-Party Threats | Cherry Hill Advisory

Podcast

All Things Internal Audit Podcast: The Rise of Fourth-Party Threats

In this episode, Mike Levy and Shontelle Mixon discuss the growing risks tied to fourth-party relationships. They discuss how internal auditors can leverage technology, enhanced contracts, and cross-functional collaboration to pinpoint, track, and reduce those downstream risks. They break down how internal audit's role is evolving in a world shaped by cybersecurity, AI, and shifting regulations.

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Key points

Introduction [00:00–00:00:38]
What Is Fourth-Party Risk? [00:00:38–00:01:52]
Evolution of Risk and Offshoring Trends [00:01:52–00:02:32]
Mitigating Fourth-Party Risks [00:02:32–00:03:47]
Steps for Maturing a Vendor Risk Program [00:03:47–00:04:50]
The Challenge of Shadow IT [00:04:50–00:05:54]
Data Mining and Continuous Monitoring [00:05:54–00:06:59]
Beyond the SOC Report [00:06:59–00:08:27]
Getting Started Without Tech [00:08:27–00:09:32]
Cybersecurity as a Starting Point [00:09:32–00:10:44]
Educating the Audit Committee [00:10:44–00:12:00]
Real-Time Monitoring and Vendor Audits [00:12:00–00:13:09]
Misconceptions About Outsourcing Risk [00:13:09–00:13:56]
Preparing for the Future [00:13:56–00:15:32]
Pitfalls in Contracting [00:15:32–00:16:38]
First Step for New Audit Functions [00:16:38–00:17:12]
Aligning with Organizational Risk Priorities [00:17:12–00:18:36]
Getting Executive Buy-In [00:18:36–00:20:06]
Supporting Smaller Audit Shops [00:20:06–00:21:14]
Final Advice [00:21:14–00:21:58]

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