Advantage is committed to responsible business practices that meet regulatory requirements and compliance standards.
Furthermore, in order to demonstrate our commitment and credentials in servicing the financial sector, we are proud to reveal that we’ve become fully registered on the FSQS supplier qualification system.
So, for those of you that don’t know what FSQS is?
Essentially, FSQS (Financial Services Qualification System) is a community of financial institutions such as insurance companies and investment services that collaborate together to agree a single standard with supporting evidence, such as policies and certificates for managing the increasing complexity associated with third party information needed to showcase compliance.
Now, that you know what it is, let’s explain it a little more!
As we all know, financial institutions have to meet stringent regulations. So, when they are picking services suppliers they have to be extra cautious as to who they partner with.
The trouble with this is the fact that it can involve so much red tape. When you have thousands of third parties to review and qualify, collecting all the information required can be somewhat tedious.
This is where FSQS comes in. FSQS is essentially a benchmark that financial services companies use when vetting potential vendors to work with.
The system delivers a collaborative platform for managing supplier compliance assurance information. It saves time on paperwork as well as intensive due diligence efforts.
Put simply, FSQS means that finance companies are able to use a fast and reliable methodology to assess suppliers.
Ok, we know what it is and had it explained to us, how does the accreditation process work?
In order to become FSQS accredited, a company has to complete a rigorous audit process. They must be able to meet the requirements against key compliance & security areas including:
The validating body – Hellios – utilises an expert team to make sure that all the information provided meets the strict guidelines. After this stage has been completed and the supplier approved, the supplier’s information is then published securely on the FSQS system.
From here, financial buyers can then use this system to assess suppliers as part of their regulatory auditing.
What does the FSQS qualification mean for our current customers & potential customers?
Here at Advantage, we are already experienced in supplying Microsoft technology to a number of high profile financial institutions (view our case studies now). For those currently with Advantage, our FSQS qualification gives you an extra protective layer of assurance. Added to which, it also takes much of the legwork away from lengthy contract renewals.
For those that are not yet Advantage customers, our FSQS accreditation makes it easier and faster to do business with us. After all, a significant amount of due diligence has already been performed through the standardised FSQS process.