FSQS-NL Third Party Risk Management and Compliance for the Financial Service Sector

FSQS-NL (Financial Services Qualification System-Netherlands) is a community of financial institutions including banks and insurance companies, collaborating to agree a single standard for managing the increasing complexity of third and fourth-party information needed to demonstrate compliance to regulators, policies and governance controls.

Benefits of Membership

Benefits for buyers

  • EASIER REGULATORY REQUIREMENT
    Comprehensive, accurate and regular updated insight into third party risk.
  • REDUCED PROCUREMENT TIMESCALES
    Instant access to third party information, reducing the time needed to qualify new suppliers or renew contracts.
  • HIGH QUALITY VALIDATED INFORMATION
    We check all third party information in accordance with a consistent, objective and continually updated process
  • COST AND RESOURCE EFFICIENT
    Costs are shared amongst community members, significantly reducing the cost of an in-house solution
  • PEER NETWORK
    Access to the combined experience and resources of other members in the community with shared goals and challenge

Benefits for suppliers

  • EASIER CUSTOMER COMPLIANCE
    Simpler route to demonstrating compliance to multiple customers at the same time
  • RESOURCE AND TIME EFFICIENT
    Single profile for multiple customers, information request is tailored to goods and services being supplied
  • SIMPLER APPROACH
    Information is collected using selectable answer options rather than free text responses, making completion quicker compared to traditional questionnaires
  • CONTROL YOUR INFORMATION
    Your company information can be amended or updated at any time through a secure online portal
  • BUSINESS IMPROVEMENT
    Identify the common requirements of multiple customers and how your business might improve its compliance
  • FASTER QUALIFICATION
    Completed profiles are visible to all buyer members using FSQS-NL when sourcing and qualifying third parties for new business

How it works

One of the key aims of FSQS-NL is to ensure that the information that suppliers, third and fourth-parties are asked to provide to their clients is proportionate to the types of goods of services being supplied. A dynamic two-stage process is used to ensure that the process is tailored, and therefore as efficient as possible.

Stage 1 collects basic information about a supplier, third and fourth-party to produce a profile on their legal entity, financial and the nature of goods and services being supplied. This information allows an inherent risk assessment to be performed to determine if Stage 2 is needed in order to collect more detailed information.

Stage 2 requires the completion of a more detailed questionnaire along with supporting evidence, such as policies and certificates. To make the process as efficient as possible, only questions relevant to the nature of goods and services indicated in Stage 1 are asked, and most of the questions have selectable answers rather than requiring lengthy written responses.

Examples of Risk trigger questions

  • Manufacturing sites
  • Human resources
  • Financial and legal
  • Insurance
  • Fraud
  • Anti-bribery & Corruption

 

The Service

FSQS-NL offers benefits to both Buyers and Suppliers. Click your link to find out more:

FOR BUYERS

FOR SUPPLIERS

 

Share