Case Study: Large European Bank achieves improved risk management for 200+ service providers with Cognizant

Improving a Bank’s Risk Assessments of Service Providers

Cognizant was engaged by a large European bank in the banking and financial services sector to evaluate its vendor risk management process. The bank wanted help understanding the risks posed by existing and new service providers and sought recommendations to strengthen its oversight and controls.

Cognizant conducted vendor risk assessments using SIG questionnaires aligned to industry standards such as ISO 27001 and PCI DSS, reviewed all external service providers, and presented an Assessment Report with Overall Risk Ratings and suggested SIG questionnaire improvements. As a result, the bank significantly improved its vendor vetting and risk management for more than 200 external service providers.