Financial Firms Needs Security Questionnaire Automation

There is an inrush of security assessments and questionnaires surrounding financial services firms today. In this case, security questionnaire automation is highly recommended, why?

The Need For SQA (Security Questionnaire Automation)

If you’re a financial services firm, you want to ensure that you’re company won’t suffer the same thing as the Equifax data breach.

Your clients and prospects want to have a secure platform. As a response, you need to ensure that you’ve got sufficient data protection measures in place. Thus, reducing the risks of data breaches.

Furthermore, you likely have questions regarding the implementation of security questionnaire automation.

Nonetheless, your expertise to safeguard data ultimately affects your customers’ relations with their customers.

Yes, it’s no wonder that security concerns are moving up in importance.

As the number of questionnaires increases, the need for automation is a must. Also, with the complexity of questionnaires, there are important reasons to consider automating your responses.

Save Time While Improving Accuracy

Questionnaires may be about Standardized Information Gathering (SIG), SIG Lite, and VSAQs. Or, it may be a series of questions developed by customers.

Because of this, you need to ensure accurate delivery of answers to hundreds of detailed questions. Often, within a limited timeframe.

You can’t disregard these questionnaires, why? 

Well, these questionnaires are commonly one of the last requirements before a customer’s contract signing.

This means, the more quickly you can respond, the sooner you can close the deal.

This is where automation comes to play. It helps you speed the process. 

As a result, you can have a centralized content library.

It stores responses to recurring questions, updating answers as your policies, procedures, and infrastructure development. This is easier rather than revising this information for every questionnaire.

Maintain A Clear Audit Trail

Clients may ask you to give them audit trails, especially in highly regulated industries.

They need audit trails showing who updated or approved information. Also, to display the same severity in tracking changes.

With automation software, you can now see who produced, edited, and accepted answers to each question. Also, who schedule regular content reviews.

As a result, answers are kept up-to-date and accurate.

For example, if your company changes policies to comply with new privacy laws, your responses to certain questions will need to change. Well, you’ll simply just update answers in the library.

Streamline Your Process Now – Before You’re Overwhelmed.

It’s been reported that there is a 150% increase in requests for security information over a year. 

Taking the time to set up an automation solution now can prepare you moving forward.

Also, populating your content library and establishing a process now can make you effective down the road. Doing this now before the volume of work grows exponentially.

Data security and privacy standards are rapidly emerging. As a result, you must ensure that you earn customer confidence. How? By having adequate security measures in place.

Due to the tremendous liability to organizations, in many cases, security concerns are becoming as important as business issues.

Moreover, companies need to ensure that they’re delivering security questionnaire responses that build trust—timely and carefully articulates answers that can help advance deals to the final stages.

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