Orion Risk has registered and qualified for FSQS, Third Party Risk Management and Compliance for the Financial Services Sector.
FSQS (Financial Services Qualification System) is a community of financial institutions including banks, building societies, insurance companies and investment services, collaborating to agree a single standard for collecting the increasing amount and complexity of third party information needed to demonstrate compliance to regulators, internal policies and governance controls.
Benefits for buyers include:
Easier regulatory requirement
Comprehensive, accurate and regular updated insight into third party risk.
Single source of truth
Thousands of third parties in a single, searchable, reportable and easily accessible system.
Reduced procurement timescales
Instant access to third party information, reducing the time needed to qualify new suppliers or renew contracts.
High quality validated information
We check all third party information in accordance with a consistent objective and continually updated process.
Cost and resource efficient
Costs are shared amongst community members, significantly reducing the cost of an in-house solution.
Access to the combined experience and resources of other members in the community with shared goals and challenge.
You can find out more about FSQS here.