Why Pooled Audits Work - And What They’re Delivering

Everyone Is Asking Everything, Every Time

In financial services, banks, building societies and insurers are all complying with the same regulations - and to do that, they need deep, credible assurance on the suppliers they choose to work with. 

Typically, this takes the form of an audit: an in-depth review of a supplier’s security, processes and controls. While each supplier’s controls will be unique to their services, they don’t change based on who’s asking. 

Each audit has the same intention - aligned to the same regulations. The questions are the same - and so are the answers. 
 
And every year, the cycle repeats. This duplication is replicated across the industry, draining time and resources from both sides. Repetition doesn’t produce better insight. It just produces more work. 
 
There’s a better way. One that reduces duplication without compromising depth, rigour, or regulatory alignment. 

Pooled audits: one report that can be shared with multiple customers. 

This allows suppliers to complete the assessment once, and buyers to access high-quality assurance without starting from scratch every time. In simple terms, a pooled audit is a shared audit. It’s a single, comprehensive review of a supplier, conducted to a standard that meets the needs of multiple financial services firms - and then made available to each of them. 

If the questions are the same, why not share the answers? 

Here’s What Happens When the Industry Works Together 

In just 12 months, pooled audits through FSQS Stage 3 have returned more than 90,000 hours to the industry - time that would otherwise have been spent repeating the same processes, answering the same questions, and chasing the same assurance outcomes. 

This isn’t theory. It’s already working - and growing. 

This Isn’t Just Efficiency - 
It’s Progress 

Pooled audits aren’t just about reducing workload - they’re about unlocking potential. 

That’s time your subject matter experts get back to focus on strategy, innovation, and resilience. 

Its fewer hours spent chasing data, and more time spent acting on insight.

It’s less duplication for suppliers, stronger assurance for everyone involved so you can dedicate more time to mitigating risk. 

And it scales. The more industry that works together, the more we all save. 

Every pooled audit adds value - not just for one firm, but for the entire community.

Because when we share the burden, we multiply the benefit. 

Join the Time-Saving Supplier Assurance Revolution 

FSQS Stage 3 is exclusive to members - but becoming part of the community is easy. 

Whether you're a buyer or a supplier, the first step is the same:

To unlock access to smarter, more efficient assurance. 

Already a member? Here’s how to take part: 

• Buyers: Speak to your FSQS account manager to start accessing pooled audit reports and nominating your shared suppliers. No additional subscription required - Stage 3 is already part of your membership.
• Suppliers: Nominate yourself for Stage 3 here to complete one professionally managed audit, shared with multiple FSQS buyers.

This is how the industry is moving - less duplication, more insight, better outcomes for everyone. 

The sooner you join, the more you save. 

Every year this model isn’t used, more time is lost.