Streamlining IT Security Audits

摘要

Outsourcing poses serious security and compliance chal-lenges to financial firms, which must ensure that vendors with which they do business comply with the highest security standards in order to protect clients' personal data. But the once-laborious IT security audits of vendors have been made more efficient by the Shared Assessments Program, which aims to standardize the process. The program initially was launched three years ago by BITS, the Washington, D.C.-based financial services technology industry association. Today, more than 50 companies - including 15 major financial institutions, such as Citi, JPMorgan, Goldman Sachs and Bank of New York Mellon - participate in the program, which provides a set of standardized questions for vendors.