The Financial Institution Shared Assessments Program was created by BITS, a nonprofit, CEO-driven industry consortium whose members are 100 of the largest financial institutions in the United States. BITS developed the Financial Institution Shared Assessments Program to assist financial institutions in streamlining the service provider assessment processes.
In use at large insurance and financial companies, Avior BenchMark is a secure, hosted web application that standardizes the collection of compliance and other assessment data from diverse sources such as suppliers, divisions and departments. BenchMark automates what is commonly a manual, spreadsheet-based procedure at many companies. It uses advanced analytics and Aviorâs Collaborative Business Intelligence (CBI) technology to structure, monitor and document compliance and other business processes.
BITS was formed in 1996 by financial services CEOs to address key issues in the e-commerce, risk management, payments and technology arenas. BITS addresses emerging issues where financial services, technology and commerce intersect, acting quickly to address problems and galvanize the industry.
The Financial Institution Shared Assessments Program is a groundbreaking new process for financial institutions to evaluate the security controls of their IT service providers. Launched in February 2006, the Program today has more than 40 member companies and 16 major service providers committed to having assessments performed under the program.
The Financial Institution Shared Assessments Program:
â¢ Provides major efficiencies and cost savings to financial institutions and service providers.
â¢ Is a more efficient alternative to existing service provider assessment methods.
â¢ Helps financial institutions align service provider testing with industry regulations.
The Financial Institution Shared Assessments Program includes two freely available documents, the Agreed Upon Procedures (AUP) and the Standardized Information Gathering questionnaire (SIG).
âWe commend Avior Computing for implementing and automating the Shared Assessments Program content,â said Catherine A. Allen, CEO of BITS. âBy incorporating industry standards for security into its products, Avior demonstrates its commitment to meeting the security needs of its financial institution clients.â Ms. Allen is also chairman and CEO of The Santa Fe Group, a strategic consulting company that manages the Shared Assessments Program for BITS.
âOur customers gain in two important ways from using Avior Benchmark with the BITS Shared Assessment Program standards module,â said Steve McCalmont, Avior Computing CEO. âFirst, they will be the using industry-developed security documents. And second, theyâll be automating what has been a critical but very manpower-intensive process while improving their security programs. Weâre looking forward to continued input from BITS members and producing solutions that address their specific requirements.â