Risk Management For Financial Institutions
At Beaconer, our meticulous approach has led to a remarkable 75% reduction in security breaches and data incidents for our clients, significantly boosting their cybersecurity posture. Our tailored risk management solutions deliver an average 20% improvement in operational efficiency, saving valuable time and resources while ensuring compliance with industry regulations.
56% of financial firms lack a national cyber strategy, risking data breaches costing $5.85M on average. We adapt our approach, incorporating tech advancements to counter ever-evolving financial risks.
Our dedication to staying ahead ensures your organization remains resilient and well-prepared for future challenges. Trust Beaconer for comprehensive third party risk management solutions that foster success in a competitive market.
We conduct a thorough risk assessment of potential third-party vendors. Our experienced team evaluates their security practices, data handling procedures, and overall risk posture. Based on the evaluation, we help you select vendors that meet your organization's risk tolerance and compliance requirements.
Once vendors are selected, we conduct detailed due diligence to ensure their alignment with your organization's objectives. We negotiate robust contractual agreements outlining responsibilities, liabilities, and risk mitigation measures.
We continue beyond vendor onboarding. Our team monitors vendors' activities and security performance, conducting regular audits to verify compliance with contractual obligations and industry standards.
In the event of potential risks or incidents, we collaborate closely with your organization and the vendor to implement prompt and effective risk mitigation strategies. Our goal is to minimize any disruptions and safeguard your institution's reputation.
Our risk management strategies are not static. We continuously refine and improve our approach, incorporating feedback and lessons from previous engagements. Additionally, we provide training and guidance to your organization's staff to enhance their understanding of third-party risks and best practices.
Why Choose Beaconer for Managing Financial Risk?
Expertise and Experience
Beaconer boasts a team of seasoned experts with extensive experience in the financial industry and risk management. Our professionals hold relevant certifications and have a track record of successfully serving numerous clients, ensuring you receive the highest quality services.
We offer end-to-end solutions for managing financial risk, covering all aspects of third-party risk management. Our approach is holistic and tailored to your needs, from risk assessment and due diligence to continuous monitoring and incident response.
Our meticulous approach and tailored risk management solutions have resulted in impressive outcomes for our clients. With a 75% reduction in security breaches and data incidents, a 20% improvement in operational efficiency, and increased customer trust reported by 90% of our clients, you can trust in the effectiveness of our strategies.
Third-party risk management is the process of identifying and mitigating risks associated with the vendors and suppliers you rely on. It's essential because it helps protect your data, operations, and reputation from potential threats that can arise from these relationships.
Beaconer managed third-party risk service model help businesses with number of benefits, including: Reduced costs, Reduced delays, Tailored assessment, Complimentary threat intelligence platform, 24/7 support & Easy integration.
Beaconer differentiates itself from other similar platforms in the market through its unique selling points and managed service approach. Unlike its competitors who provide a Software-as-a-Service (SaaS) platform for downloading assessment reports, Beaconer offers a comprehensive managed service for third-party risk management (TPRM). Managed services are a superior choice for TPRM due to the dynamic nature of today's business environment. As companies increasingly rely on third-party entities for critical services and access to sensitive data, the associated risks become more complex to mitigate.
Our unique AI technology for third-party risk management can benefit organizations in a variety of industries, but it is particularly well-suited for those that rely heavily on third-party vendors, suppliers, contractors, and service providers. These industries include: Banking, Capital markets, Communication, Media & Technology, Healthcare, Information Services & Life Sciences.
In addition to these industries, our AI technology can also be beneficial for organizations in other sectors, such as retail, manufacturing, and government
We have a dedicated team that constantly monitors industry and regional regulations. We keep our clients informed and ensure our services align with the latest compliance requirements.
Beaconer has developed an AI-powered solution that automates the third-party vendor assessment process. This solution eliminates the need for lengthy questionnaires and manual data entry, saving businesses considerable time and effort. The solution works by first having the third party upload relevant documents to Beaconer's platform. The AI then reads and extracts the required information from these documents, facilitating a comprehensive assessment. The results of the assessment are then made available to the business in a clear and concise format.
You can get started by reaching out to our team through our website or contacting us directly. We'll work with you to understand your specific needs and tailor our services to your requirements.