Case Study: TrustMAPP Illuminates Third-Party Risk for Regional Bank
When the Director of Security at a regional bank system was concerned that traditional security questionnaires were not providing the full picture of third-party risk, she turned to TrustMAPP.
Using the TrustMAPP platform, the bank system now augments the risk management process by ensuring all third-party vendors complete a security process assessment via a secure web-based portal. The assessment is based on the bank’s chosen security framework (NIST CSF) and regulatory requirements from FFIEC.
When comparing TrustMAPP to other options, the bank realized capital savings were above $200,000 and was 12 weeks quicker. Early results yielded insights into a risk that had not been revealed using the traditional audit and control questionnaire process. Supported by TrustMAPP’s simple to use web-portal and built-in analytics, the bank’s executives now have a clear picture of third-party risk continuously.