Financial Services

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Utilizing Third Parties to Meet Operational Goals

The financial services industry including insurance, like many industries, is being pushed by digital transformation to achieve greater levels of innovation while continuously advancing its commitment to superior customer experience. However, succeeding in the era of digital transformation means more than just expanding digital expertise, it requires a holistic approach to operational agility. 

One way that financial services organizations are improving operational agility is by utilizing growing and increasingly diverse numbers of third parties (contractors, vendors, partners, affiliates, volunteers, students, service accounts, and bots) to cost-effectively access skillsets required to meet operational needs. 

To achieve operational agility, financial services organizations must first ensure that these business strategies align to their risk appetite.  However, while many perform third-party risk assessments for companies, most have no way to centrally track and manage the lifecycle and risk of the individuals who work for these companies and the access to enterprise assets they require.

Financial Services is Second Only to IT in its Use of Third-Parties

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The Risk Management Blind Spot, Third-Party Identities Often Create Unrecognized Risks

An ever-growing area of concentration in risk management is identifying and mitigating the risks that third parties introduce to an organization – and perhaps equally important, ensuring that third parties don’t introduce unmeasured risk.

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SecZetta Can Help

Our solutions provide a comprehensive set of capabilities that help financial services organizations support operational agility initiatives by improving the efficiency and mitigating the risk of third-party user access.  Specifically, SecZetta helps financial services organizations to easily manage the lifecycle of third-party users, verifying their identities, and being able to pro-actively (and continuously) administer audits, and assess their individual risk to the organization.

SecZetta’s risk rating feature allows user identities to “inherit” the risk assessed to their employer through an organization’s third-party risk assessment but can also be assessed individually based on factors like their work history, location, role, and level of access. By risk rating each individual non-employee, organizations can ensure that access decisions are based on least privilege, meaning that users have the appropriate privileges to the appropriate resources at a specific point in time, and that access is terminated in a timely manner when it is no longer required.

With SecZetta, financial services organizations are able to make well-informed, risk-based decisions about provisioning, verifying, and deprovisioning access for third-party users while facilitating the most competitive business strategies.

Key Benefits

  • Reduce Risk

    • Risk ratings can be assessed for individual third-party identities
    • Automated workflows can be created to support identity re-validation audits
    • Transparency into third-party relationships results in less over-provisioning and timelier deprovisioning
    • Standardized APIs ease integrations for identity proofing, licensing validation, and credentialing systems
    • An authoritative source for third parties helps avoid misclassification or co-employment
    • Audits can be streamlined, reducing manual processes

  • Increase Operational Efficiency

    • Timely, accurate, and actionable information from a centralized, authoritative source for non-employee data
    • Collaboration hubs enable internal & external resources to input information needed for third parties.
    • “No-code” design allows users to customize portals and workflows without technical resource support
    • Workflows accelerate onboarding, simplify audits, and enable timely deprovisioning
    • Standardized APIs ease integrations for: HRIS, IGA, IAM, vendor, and risk management systems

  • Cut Costs

    •  Automate time-consuming and costly manual processes with customizable workflows
    • Speed time to value for new non-employees with accurate and efficient provisioning
    • Cut the high cost of maintaining non-employee data in HR and contingent labor systems
    • Reduce the risk and costs associated with misclassification of employees and co-employment violations
    • Stop supporting costly proprietary systems that struggle to meet evolving requirements

More than half of all data breaches can be traced to third parties and only 16% of organizations say they can effectively mitigate third-party risks. Opus Ponemon

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