Banking and Finance

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

The Financial Services sector is subject to multiple, complex legal and regulatory compliance requirements that span international boundaries – all of which have implications for storage, backup and the security and integrity of data. The scrutiny of regulators such as the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the UK and the Office of the Comptroller of the Currency (OCC) and Financial Industry Regulatory Authority (FINRA) in the USA show no sign of abating.

Third-Party Supplier Risk and Regulatory Compliance converge

So 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.

And now EU GDPR will expand and extend the current data protection requirements for anyone 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. 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.

Taking the Pain out of the 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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