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Mitigating Castle Trust Bank’s third-party risk by verifying supplier compliance

How we gave Castle Trust Bank visibility of difficult to access supplier data.

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Who is Castle Trust Bank?

Castle Trust Bank is based in the UK. They offer savings accounts, specialist mortgages, and provide point of sale finance to retail customers.  

Openness, customer fairness, and environmental and social commitment are all core values of Castle Trust, with a focus on providing financial solutions for those who may be less well-served by larger high street banks.  
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What was their challenge?

Taking too much time to request data from suppliers 

Suppliers not responding to requests for compliance information 

Potential increased business risk from non-compliance 

FSQS gives Castle Trust Bank access to supplier compliance data that they might otherwise not be able to obtain.
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As a smaller bank within the UK finance market – with a compact procurement department – Castle Trust Bank found it time consuming to obtain requested information from suppliers. With FSQS, supplier information is already in place, vetted and verified to current legislation, giving compliance visibility to all departments within the bank and mitigating supplier-related risks and improving the efficiency of the supplier onboarding process.

With FSQS providing the complete picture of supplier compliance, Castle Trust Bank has immediate visibility of any areas of concern within their supply chain.

“Our main value is to put our customers at the heart of what we do, and ensuring their money is safe with us is a huge part of that. FSQS gives us the supplier compliance visibility we need to determine a true level of risk within our supply chain, and helps us ensure that we, in turn, are compliant.”

Ayobami Okanlawon
Head of Procurement
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Taking the IT and cybersecurity risk management model as a reference, only 10% of suppliers are categorised at the highest levels in terms of their criticality and contract value. This means that the evaluation and periodic review of the measures implemented by the remaining 90% of suppliers can be channelled through FSQS.

How Castle Trust Bank were able to benefit

Improved operational resilience with up-to-date compliance data 

Better efficiency within procurement and other departments 

Visibility of environment, social and governance data to meet targets 

For Castle Trust, the benefit of the FSQS community is twofold; one is having input into FSQS related product development and testing, the second is meeting with other buyers and suppliers to share ideas and challenges within finance’s fast-changing regulatory environment. 

“The community events allow us to get our voice heard in a large industry in a spirit of collaboration and mutual benefit.”

Ayobami Okanlawon
Head of Procurement

Visibility of third-party compliance has helped Castle Trust Bank mitigate risks in their supply chain. 

Before FSQS, Castle Trust’s procurement team spent an enormous amount of their time chasing suppliers for compliance data – with some never responding. Now, they spend no time on chasing suppliers on FSQS and have a much better picture of third-party compliance.   

“Having the data just there when we need it is a game-changer – not just for procurement but for other relevant stakeholders in the bank including IT security, Compliance, DPO and business owners.”

Ayobami Okanlawon
Head of Procurement