The [Shared Assessments] program is designed to both raise the level of security of financial services ... while trying to lower costs for banks, insurance companies and computer services providers. It formalizes procedures that to date have largely been ad-hoc, costly and don't guarantee a level of security that meets regulatory standards.
- The Wall Street Journal
Each year, financial institutions pay hundreds of thousands of dollars to evaluate service provider security practices and controls. The Financial Institution Shared Assessments Program, introduced by The Santa Fe Group in partnership with BITS, was created to control these costs and boost the efficiency of the assessment process.
Today, the Shared Assessments Program serves some of the nation's largest financial institutions, including Bank of America Corporation, The Bank of New York Mellon, Citi, JPMorgan Chase & Co., U.S. Bancorp, and Wells Fargo & Company. More than 50 financial institutions and major service providers are participating through the Shared Assessments Working Group. The Big 4 accounting firms - Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers - serve as Technical Advisors to the Shared Assessments Program.
The Shared Assessments Program is open to financial institutions of all sizes and service providers to the industry. For more information about the program, view the Program Overview or contact Michele Edson at The Santa Fe Group.
For full information about the Shared Assessments Program, including our free downloadable assessment documents and FAQs, visit the official Shared Assessments website.
