3rd Party Risk Management and the BITS Shared Assessments Program

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.

First published on BankersOnline.com 5/04/09