FSQS FOR BUYERS
Supplier Information and Risk Management
FSQS 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.
FSQS ensures an objective and consistent approach is taken to assess the inherent risk in third parties and collect the information relevant to the nature of goods and services being supplied, across all key risk control areas including information/cyber security, data privacy, business continuity, financial crime, conduct risk, financial, legal and corporate responsibility.
FSQS provides a more efficient and effective means for your third parties to provide their information, as they can maintain a single profile of information that is accessed by all their customers in the community. Collaboration with peers facilitates a pooling of knowledge and expertise to determine the best approaches to meeting regulatory requirements.
Hellios manages the collection and validation of information from third parties to help our buyer customers meet regulatory, legal and corporate governance requirements; and ensures that the information is kept up to date for the duration of the contract or business relationship.
All supplier information is published for the community to search, analyse and report through a standard Internet browser, and can be exported into other applications or processes. Hellios provides advice and guidance on how to best use the vast amount of data available.
All members of the community have an equal input into the ongoing development of the FSQS system and service, which is continually updated to keep aligned with, and ahead of, regulatory changes. FSQS has the flexibility to ensure each buyer members needs are catered for.
All suppliers complete a basic registration questionnaire on-line through the FSQS branded portal. This allows the system to develop a risk profile of suppliers determining whether the supplier needs to provide any further information.
The second information stages are completed by supplier operating in higher risk areas. Suppliers complete a more detailed questionnaire including uploading supporting documentation where applicable. Our expert team quality check and validate all information which the supplier submits to ensure the information received comply to the highest quality, currency and accuracy.
Risk & Compliance
FSQS helps financial institutions meet the growing and diverse nature of regulatory requirements when it comes to managing third party risk in the supply chain.
Demonstrating compliance and continual improvement is essential for legal, regulatory and corporate governance standards and as part of effective reputation management.
Managing third party risk and due diligence has become increasingly complex, requiring collaboration across procurement, compliance and risk teams to ensure an efficient and effective approach.
Hellios supplier information and risk management services provide systematic and consistent approaches to managing corporate-wide third party compliance and reporting.
To find out more about how we can support and enhance your third party due diligence, compliance and risk management requirements please contact us today.