Regulators the world over are now holding financial institutions responsible for the actions of their third parties — thanks largely to the 2008 financial crisis and several high-profile attacks that leveraged third parties’ information security weaknesses.
As a result, the financial services sector now requires strong third party risk management. The governance, compliance and regulatory controls placed on these institutions insist that a concise registry of all their third parties’ associated risks be maintained throughout the life cycle of engagement.
What this means in practical terms is that financial institutions must get smart about how they track their third parties. This process isn’t easy, and it’s made more difficult by smaller budgets, smaller teams and bigger tasks.
The process of profiling, assessing and reporting on third parties is time-consuming, mundane and almost irrelevant when completed manually. This process needs to be centrally managed and tracked, with all assessments aggregated into a central view.
The answer to the challenge is automation.
Automation, tracking and reporting with our central software platform provides your business with invaluable information about your biggest external risks, presented in a user-friendly graphical dashboard.
Triplicity is setting the standard for cloud-based TPRM solutions in the financial sector. We also go a step further, and provide tailored external data feeds to give you a complete inside and outside view of your third parties, allowing you to automatically trigger additional workflows when risk parameters change.
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