Third Party Vendor Assessments
CNF offers Third Party Vendor Assessments to financial institutions outsourcing functions or processes to outside vendors. CNF provides experts with years of experience in regulatory compliance, security protection and information assurance.
Vendors are a common element in today’s business environment. Outsourcing services and processes to vendors provides flexibility, convenience and cost savings. Choosing the right Third Party Vendor Assessment provider is crucial in mitigating the inherent risks associated with outsourcing. Data breaches stemming from third parties have been increasing over the years, and when identities are stolen or sensitive information is made public, your customers won’t care that it was the vendor’s fault.
While outsourcing business functions and processes produces many positive benefits for institutions, it does not relieve them of the risks associated with the outsourced functions and processes. Ultimately, it is the responsibility of the organization to ensure the third party vendor maintains the appropriate security standards and controls for the services being provided.
CNF personnel are experienced in all areas of information assurance to include vendor risk management. Our team has the experience, credentials and the tools necessary to achieve the customer’s requirements with an impressive turnaround time for audit reports. We provide third party assessments based on the Federal Financial Institution Examination Council (FFIEC) prescriptions of uniform principles, standards, and report forms from the federal examination of financial institutions.
We provide a full range of third party vendor assessment capabilities to include:
- Standard Information Gathering (SIG) Process
- Vendor Risk Management Maturity Model (VRMMM)
- Shared Assessments Agreed Upon Procedures (AUP)
For more information on CNF Third Party Vendor Assessments and how we can help your company and organization, please contact us.