In an important milestone, WhosOn now comes to you as an FSQS accredited solution. This is a key achievement and represents another stride forwards in our commitment to best-in-class security and compliance.
So, what does the accreditation mean for our company and its customers?
Financial institutions are subject to strict regulations. So, when choosing services suppliers, they have to be exceedingly careful as to who they partner with.
But that can mean endless red tape. With thousands of third parties to review and qualify, collecting the necessary information is a laborious effort.
Enter FSQS. Short for Financial Supplier Qualification System, FSQS is a benchmark that financial services companies – banks, insurers, building societies, etc. – use when vetting potential vendors to work with.
The system provides a cohesive, collaborative platform for managing supplier compliance assurance information. It cuts through paperwork and intensive due diligence efforts.
In a nutshell, then, FSQS means that finance companies can use a fast, efficient, and reliable methodology to assess suppliers.
How does the accreditation process work?
To become FSQS accredited, a company has to complete a rigorous audit process. They must meet requirements against key compliance and security areas, including:
- Information security management
- Business continuity
- Financial & legal
- Health & safety
- IT security
- Operational risks
- GDPR and the DPA
- Responsible business governance
- Environmental and sustainability
The validating body – Hellios – uses an expert team to check all submitted information against strict guidelines. When this stage is completed, the supplier’s information is then published securely on the FSQS system.
In turn, financial buyers can then use this system to assess suppliers as part of their regulatory auditing.
What does FSQS qualification mean for WhosOn?
We at Parker Software already supply WhosOn live chat technology to multiple high-profile financial institutions. For those existing customers, our FSQS qualification adds an extra layer of assurance. Plus, it also takes much of the legwork from lengthy contract renewals.
For new prospective companies, meanwhile, FSQS accreditation makes it smoother and easier to do business with us. After all, a significant amount of due diligence has already been performed through the standardised FSQS process.
A commitment to compliance
We are delighted to achieve FSQS accreditation. Doing so underpins the fact that security, compliance, and responsible business practices are at the heart of our business.
So, for financial services organisations looking to securely deploy live chat technology, get in touch and find out more.