Leading Fund Manager adopts UpGuard for Third Party Risk Management

Security ratings and automated third-party risk assessment help to scale their vendor risk management program.

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This leading fund manager empowers their customers to build a better future with retirement solutions and financial advice. UpGuard helps de-risk their exposure to suppliers and enables them to be proactive in managing third-party vendor risk.

42%

Reduction in time to assess vendor security performance

50+

Vendors assessed through the UpGuard platform

40+

Digital assets continuously monitored

Company overview

Headquarters

Sydney, Australia

Industry

Financial services

Founded

1992

Overview

Our customer is a major fund manager that helps over 750,000 Australians save for their retirement.

Challenge

Increase their third-party vendor security performance from an external perspective, and get greater efficiency from their vendor security questionnaires.

Solution

UpGuard VendorRisk for Vendor Risk Management and Security Ratings

Helping over 750,000 Australians

Established in 1992, our customer is one of Australia’s largest fund managers with more than 750,000 customers. They are the custodians of an asset pool of over $90bn.

Headquartered in Sydney, Australia with offices throughout New South Wales, the Australian Capital Territory, Victoria and Western Australia, Our customer has a team of more than 800 employees servicing the needs of its customers.

The challenge

With today’s increasing exposure to third-party risks, and the upcoming release of Australian financial services regulator APRA’s CPS 234 Information Security standard, our customer wanted to understand how their third-party vendor security was performing from an external perspective. Additionally, our customer recognised the limitations of traditional, spreadsheet-based vendor security questionnaires, which often result in fewer vendors being monitored due to cumbersome workflows and manual process inefficiencies.

The solution

UpGuard was chosen to get visibility into the risks of their own systems, as well as those of their vendors and partners. UpGuard VendorRisk provides continuous risk monitoring, security ratings, and automated vendor questionnaires. UpGuard’s risk monitoring capabilities provide assurance that our customer's own internet-facing properties were securely configured and gave them the technical information to guide their vendors toward reducing risk to an acceptable level. Vendor security ratings enabled the team to prioritize the assessment of third parties based on risk and the questionnaire assessments closed the loop with detailed responses on internal controls needed to safely do business.

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Upguard has helped us de-risk our organisation, with solutions that are both reliable and accurate in producing fact-based information about our key suppliers, that we can proactively act on in order to help keep our platforms secure and stable.

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The results

42% reduction in time to assess vendor security performance

By comparing spreadsheet-based processes to VendorRisk’s workflow, our research has shown that a benefit of automating security questionnaires is a 42% reduction in time to assess each vendor through automated workflows and reduced friction from the vendor side. Our customer has been able to assess and monitor up to 14 more third-party vendors than otherwise would be possible, without increasing headcount.

30 point improvement to their UpGuard Cyber Security Rating in less than a year.

UpGuard VendorRisk provides external intelligence on security performance and enables comparisons with industry peers. This gives our customer the ability to see which security risks are affecting their overall security performance with ongoing comparison against their industry average.

56 vendors assessed, 38 security questionnaires issued and 40 digital assets monitored.

Our customer uses UpGuard VendorRisk to monitor and assess 56 third-party vendors, and has issued them 38 security questionnaires. They also use VendorRisk to monitor 40 of their own digital assets.

After over a year of working together with UpGuard, Our customer's executive IT leadership were satisfied with the progress made and are continuing the partnership with UpGuard.

You’re in good company

Join hundreds of companies like yours using UpGuard to manage their cyber risk, secure their data and automate their security compliance.

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UpGuard helps secure the New York Stock Exchange
Before, we needed an army to reconcile all of our changes. Now, we have an automated, scalable process that strengthens our regulatory stance, expands our coverage, reduces operational risk, and allows us to continuously improve our IT operation process.
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Chuck Adkins

VP of Technology
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