ControlPath Inc., a leading developer of automated compliance management solutions, announced today that it is the first software provider to join the Financial Institution Shared Assessments Program and will build the programâs industry standard risk assessment knowledgebase into its automated compliance management software.
By adopting the Shared Assessments Programâs Standardized Information Gathering (SIG) questionnaire and Agreed Upon Procedures (AUPs) into ControlPath risk assessment questionnaires and the controls library, ControlPath will make it easier for financial institutions to measure risk, set baselines, and manage compliance remediation tasks. The Shared Assessments Program was created by BITS. One hundred of the largest financial institutions in the United States are members of BITS, which seeks to sustain consumer confidence and trust by ensuring the security, privacy and integrity of financial transactions.
The ControlPath Compliance Suite, with its extensive security controls knowledgebase, coupled with robust workflow and enterprise risk reporting capabilities, enables an efficient compliance self-assessment and automated management of remediation actions and controls testing. With a library of more than 2,200 controls, ControlPath simplifies the creation of policies and the mapping of compliance regulations.
The Financial Institution Shared Assessments Program is a groundbreaking process for financial institutions to evaluate IT service providers. The program offers efficiencies and cost savings to financial institutions and service providers while raising the bar on security in the industry through an innovative and comprehensive alternative to current service provider assessment methods.
âThe Financial Institution Shared Assessments Program is an outstanding resource for the financial services industry. I commend ControlPath for being the first software provider to integrate our programâs standards into their products,â said Catherine A. Allen, CEO of BITS.
ControlPath will incorporate version 2.0 of the SIG and AUP into the ControlPath Compliance Suite. A new version of the ControlPath Vendor Management module incorporating the SIG and AUP will be available on December 1, 2006.
âThe goal of the Shared Assessments Program is to make the process of conducting risks assessments for third-party service providers more efficient, and less costly, while enhancing securityâ stated Matt Alderman, CTO of ControlPath. âAs the first software provider to license the SIG and AUP, ControlPath continues to lead the industry in providing compliance automation functionality that increases the effectiveness and reduces the cost of compliance, including third-party vendor management programs.â