Financial Institutions Third-Party Risk Management Consulting Services | TruSight
“Design & Deploy” – Industry Leading Third-Party Risk Management Process
Core concepts included within Centris’ Design & Deploy methodology for third-party risk management for FIs include the following phases:
- Framework Considerations
- Scoping Considerations
- Identification & Classification
- Risk Assignment
- Due-Diligence & On-Boarding
- Continuous Monitoring
- Follow-Up/Reporting and Corrective-Action
- Off-Boarding
- Training
Financial Institutions and TruSight – What You Need to Know
To assist in streamlining all critical third-party risk management efforts with the large and growing number of entities in their supply chain, an increasing number of financial institutions are using TruSight, a third-party assessment service created by a number of leading banks for the collective benefit of all financial institutions, their suppliers, partners and other third parties.
TruSight offers a Verified Best Practices Questionnaire (VBPQ), a Standard Assessment, and a Comprehensive Assessment for validating a third-party’s controls. The process has resulted in significant streamlining in terms of third-party risk management for both FIs and their respective suppliers, partners and other third parties.
Yet many of the challenges for these very suppliers, partners and other third parties is not having adequate information security, cybersecurity, data privacy, and operational specific policies and procedures in place. Documentation is a big part of complying with TruSight, and Centris can assist in helping suppliers, partners and other third parties develop all required policies and procedures.
With Centris our Design & Deploy TPRM solutions help organizations build comprehensive third party risk management programs for the financial, life sciences, healthcare, energy, critical infrastructure, manufacturing, retail, technology, and legal sectors.
TPRM Security, Privacy & Compliance Experts for the Financial Services Industry
At the core of any organization’s information security posture are comprehensive and well-written security policies and procedures. From access control to wireless security, there are dozens of InfoSec domains that require policies and procedures to be written, and Centris can assist. All of our information security policies and procedures are developed using industry leading standards and frameworks, ranging from NIST RMF to ISO 27000, and others. As a supplier, partner or other related third-party offering services to FIs, information security policies and procedures are a big – and necessary – component for third-party risk management compliance.
