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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Download White PaperThe 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.
Download White PaperSecZetta 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.
