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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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Description

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

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Mike Levy

Mike Levy is a recognized leader in the internal audit profession with more than two decades of experience across internal audit, cybersecurity oversight, and enterprise risk management.

Before founding Cherry Hill Advisory, Mike served as a Chief Audit Executive and worked within Deloitte’s Risk Advisory practice.

Mike regularly speaks at global conferences and has delivered keynote presentations to thousands of internal audit and risk professionals worldwide.

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