babl has become accredited by Hellios with a FSQS. (Financial Services Qualification System) is a community of financial institutions including banks, building societies, insurance companies and investment services, collaborating to agree a single standard for managing the increasing complexity of third and forth-party information needed to demonstrate compliance to regulators, policies and governance controls.
What this means to our buyers.
- EASIER REGULATORY REQUIREMENT Comprehensive, accurate and regularly updated insight into third party risk.
- SINGLE SOURCE OF TRUTH Thousands of third parties in a single, searchable, reportable and easily accessible system
- REDUCED PROCUREMENT TIMESCALES Instant access to third party information, reducing the time needed to qualify new suppliers or renew contracts.
- HIGH QUALITY VALIDATED INFORMATION We check all third party information in accordance with a consistent, objective and continually updated process
- COST AND RESOURCE EFFICIENT Costs are shared amongst community members, significantly reducing the cost of an in-house solution
- PEER NETWORK Access to the combined experience and resources of other members in the community with shared goals and challenges
FSQS ensures an objective and consistent approach is taken to assess the inherent risk in third parties and collect the information relevant to the nature of goods and services being supplied, across all key risk control areas including information/cyber security, data privacy, business continuity, financial crime, conduct risk, financial, legal and corporate responsibility.