Third party risk.
Every bank takes on risk from each one of the 1000s of SMBs as customers, vendors and partners, because SMBs lack the sophistication and resources to master the “3 r’s” (the applicable rules, risks and responsibilities).As such, banks lack a scalable way to monitor and support their SMB networks resulting in oversight from significant human error, and hold their staff from performing higher-value work.
Intelligent automation of currently manual processes for auditing and training SMB third parties, with an initial focus on customer processes, security and compliance relating to electronic fund transfers (RDC, ach and wires), where fraud is rife.
- Automated Oversight, eliminating human error.
- Affordable Oversight (reduced by up to 90%) and resources can focus on higher-value work.
- Complete Oversight as it is possible to support 100% of the third-party ecosystem.