Wednesday, December 08, 2004

GTP and Relational Security Partner to Streamline Third-Party Security Audits Required Under Such Regulations as SOX and GLB

Greenwich Technology Partners (GTP®), today introduced a new service that helps financial service firms cut the time and expense required for security audits of Third-party Service Providers. GTP is a leading global provider of IT Professional Services, and Relational Security, a provider of Risk Assessment and Ongoing Compliance Management Software

Under regulations such as Sarbanes-Oxley and the Gramm-Leach Bliley Act, financial service firms are responsible for maintaining prudent security controls for regulated data, even when outsourcing key functions to Third-party Service Providers (TSPs). As a result, firms find themselves spending tremendous amounts of time and money performing security audits of TSPs to ensure compliance.

Using Relational Security’s RSAM™ security assessment and ongoing compliance software, GTP has created custom tools for TSP audits based on the BITS IT Service Providers Expectations Matrix. The Expectations Matrix was created by the nation’s leading financial institutions through BITS, a nonprofit industry consortium founded in 1996 to foster the growth and development of electronic financial services and e-commerce for the benefit of financial institutions and their customers. The matrix outlines in detail financial institution expectations for the security of information and personnel, as well as policies and processes for ensuring physical security, including critical disaster recovery/business continuity issues. (For more information about BITS visit the BITS website at www.bitsinfo.org. The Expectations Matrix is available for free download at www.bitsinfo.org/wp.html.) These tools allow GTP consultants to audit TSPs rapidly and accurately, producing detailed reports suitable for submission to internal or external auditors at a competitive cost.

GTP and Relational Security Partner to Streamline Third-Party Security Audits Required Under Such Regulations as SOX and GLB

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