Ease IT Compliance with Industry Control Framework
Question: Is there a commonly accepted IT control framework in the industry that maps to key regulatory requirements on which the bank can standardize?
Answer:
The BITS Shared Assessment Program provides a comprehensive IT and 3rd party control assessment framework that maps to leading industry and regulatory requirements pertaining to IT security, privacy, and 3rd party risk management. The program can be used to evaluate and report on both internal and external 3rd party IT environments utilizing one common control framework based on BITS Shared Assessments. The program has the added benefit of being able to share the now commonly accepted results across organizations as needed. It goes a long way in removing the internal burden of creating and maintaining a common IT control framework that is up to date and accepted by both the regulators and within the industry. In adopting the program the bank should consider a tool that can simplify, summarize, and risk score the volumes of data points that are required as part of the BITS Shared Assessments process. To get started visit the BITS Shared Assessments site at http://www.sharedassessments.org/.
Request an Evantix free trial to see how Evantix uses a unique, pioneering process to deliver vendor risk assessments based on a standardized scoring method that allows all stakeholders to easily evaluate risk, readily share this information, and drastically reduce the cost of risk and compliance management.
Evantix provides on-demand risk intelligence solutions that automate risk analysis for enterprises that outsource to their suppliers. Learn more at www.evantix.com; or contact Evantix directly at 949.614.7075 or Evantix Info.
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