Avior Computing announces support for financial vendor risk standards

Avior Computing, Inc., announced today that it has updated its support of the BITS Shared Assessments Program standards in its Avior BenchMark compliance process management software. This update will ensure that financial institutions and service providers will have immediate access to the latest versions of the BITS standards.

In use at large insurance companies, financial institutions, and service providers, Avior BenchMark is a secure compliance process management solution that standardizes the collection of compliance and other assessment data from diverse sources such as suppliers, divisions and departments. BenchMark automates what is commonly a manual, spreadsheet-based procedure at many companies. It uses advanced analytics to structure, monitor and document compliance and other business processes. Avior supplies BenchMark with industry and regulation-specific Knowledge Modules that simplify the process of assessing compliance. The Avior BITS SIG Knowledge Module automates and simplifies the process of vendor risk management for financial institutions and service providers alike. Avior makes the BenchMark solution available as Software as a Service, or on an appliance platform for enterprise deployment.

The Shared Assessments Program was created by BITS, a nonprofit, CEO driven industry consortium whose members are 100 of the largest financial institutions in the United States. BITS developed the Shared Assessments Program to assist financial institutions in streamlining the service provider assessment process. Version 3.0 of the BITS Standard Information Gathering (SIG) and Agreed Upon Procedures (AUP) create 122 new high-level assessment questions, add support for parent/child relationships between assessment questions, and they expand the number of detailed assessment questions available to 2,194.

“We commend Avior Computing for incorporating the content of the Shared Assessments Program into its products,” said Leigh Williams, President of BITS. “With the release of the BenchMark BITS SIG/AUP Knowledge Module, which was built using Shared Assessments standards for security, Avior demonstrates its commitment to meeting the needs of its financial institution clients.”

“Version 3.0 of the SIG and AUP provides for more detailed assessments, and more reasons for financial institutions and service providers to seek out automation solutions” said Steve McCalmont, Avior Computing CEO. “Using the BenchMark compliance process management solution with the BITS SIG/AUP Knowledge Module, organizations can automate and reduce the cost of what has previously been a critical but very manpower-intensive process while improving their security programs.”