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BANKING & FINANCIAL SERVICES
Improving a Bank’s Risk Assessments of Service Providers
The Challenge
A large European bank needed to evaluate its vendor risk management process. The bank called in Cognizant to assess and help its team understand the risks posed by both existing and new vendors, and to solicit our recommendations for improvement.
Our Approach
We conducted vendor risk assessments using standard information gathering (SIG) questionnaires based on information security industry best practices and standards such as ISO 27001 and PCI DSS. We reviewed all external service providers to ensure each handled the bank’s data in a secure environment while meeting its data security requirements.
We presented our Assessment Report and Recommendations to senior management, including an Overall Risk Rating for each vendor based on a review of the documentation and evidence collected. We also suggested improvements to the bank’s SIG questionnaire.
Better Vetting of Vendors
As a result of the Cognizant Assessment Report and Recommendations, the bank dramatically improved its risk management process for more than 200 service providers.
Improved risk management
for 200+ external service providers
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Cognizant Security