Credit information consultancy, PurplePatch, has successfully completed the renewal of the meticulous Hellios FSQS stage 2 qualification process, a benchmark used by major banks and financial institutions when selecting suppliers.
FSQS (Financial Services Qualification System) is a single standard for managing the complexity of third and fourth-party information needed to demonstrate compliance to regulators, policies, and governance controls.
One of the key aims of FSQS is to ensure that financial institutions meet the growing and diverse nature of regulatory requirements when it comes to managing third party risk in the supply chain.
Nick Frazer, Co-founder at PurplePatch said: “FSQS accreditation is an important milestone for PurplePatch, reinforcing our commitment to supplier transparency and responsible business practices, which are at the heart of our business. The FSQS process makes partnering with PurplePatch simpler, faster, and more transparent.”
With due diligence being essential in the complex financial services industry, a dynamic two-stage process is used. Stage 2 accreditation requires suppliers to be audited against FSQS requirements in a range of areas from business continuity to fraud and anti-bribery, GDPR, and operational risks.
Demonstrating compliance and continual improvement is essential for procurement, regulatory and corporate governance standards and as part of effective reputation management.
That’s why the FSQS accreditation is valued by a growing number of the purchasers in the financial industry as it indicates a successful audit process and demonstrates a business’s commitment and capabilities to the sector.
Nick Green, Co-founder at PurplePatch, adds: “Managing third party risk and due diligence has become increasingly complex, requiring collaboration across procurement, compliance and risk teams to ensure an efficient and effective approach. We are delighted that more organisations in the financial sector will now be able to continue to access PurplePatch’s services, secure in the knowledge that they are working with a full registered FSQS accredited business.”
Benefits to financial firms working with FSQS approved suppliers include:
- Immediate access to accurate, comprehensive and high-quality data
- Reduced time and cost associated with pre-qualification, assurance and on-going compliance
- More effective identification and management of supply chain risk and brand reputation
- Enhanced management information reporting on key supplier measures
- Ability to source creditable third parties
- Validation of supplier data