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Banking and Finance

Helping Financial Institutions achieve greater efficiency and effectiveness in Third Party Risk Management

Third-Party Cyber Risk and Regulatory Compliance converge

As financial organisations of all sizes become more dependent upon Third-Party supplier relationships to manage and process their Customer and Employee Personally Identifiable Information (PII) understanding the key policies, security practices, and other key controls their suppliers use to protect this information becomes critical to operational efficiency, security and regulatory compliance.

The Financial Services sector is already subject to multiple, complex legal and regulatory compliance requirements – all of which have implications for storage, backup and the security and integrity of data. And the scrutiny of regulators such as the Financial Conduct Authority (FCA), Information Commissioner’s Office (ICO) and Prudential Regulation Authority (PRA) show no sign of abating.

 

From 25th May 2018 EU GDPR will expand and extend the current data protection requirements for anyone controlling, owning, storing or processing PII data. The regulation introduces some tough new penalties of fines of up to 4% of Annual Global Revenue or €20m – whichever is greater.

All regulatory bodies are increasingly targeting the responsibility of financial institutions over the control and management of risks posed by Third Parties through “joint” or “nested” liability in cases of data breach or the misuse of sensitive Customer and Employee data.

As a consequence, ensuring the security and integrity of not only your own IT networks but the entire data supply chain – whether on-premise, off-premise or cloud-based – is now of paramount importance. Third Party risk management therefore needs to become a critical element in your IT and InfoSec strategy.

With such huge potential implications, as well as damage to reputation and brand that comes from serious breaches of PII, it is important to be ahead of the game.

You're only as Strong as your Weakest Link

DVV Solutions enables banks, insurers and other financial institutions to apply consistent risk-based Third Party risk management processes to assess and manage the ongoing risks and threats posed by all Third Parties through:

Simplification – enabling greater efficiency in the management of high volumes of supplier risk assessments

Automation – creating standardised process for assessments and risk management through a simple user interface

Scalability – increasing the number, quality and speed of assessments your organisation manages

Utilising Shared Assessments’ best-practice workflows and assessment standards, our services and platforms allows financial institutions to comply with Third Party regulations – including the Data Protection Act, GDPR, PCI DSS 3.2 and NIS – which all require financial institutions to manage the risks associated with outsourced IT and data service providers.

Taking the Pain out of the Third Party Risk Assessment Process

With over 15 years’ experience in IT Security, Risk and Assurance DVV Solutions has the technology, process, and people necessary to deliver the highest standard of Third-Party risk assessments geared specifically for the Financial Services sector and its unique regulatory challenges.

Our SupplierAssess managed service provides robust on-site and remote Third-Party risk assessments and real-time supplier threat intelligence that can supplement or substitute your existing third-party risk assessment efforts. SupplierAssess will help you truly understand your Third-Party supplier risk, remediate inefficient controls and better protect your organisation.

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