Third-Party Risk Management in Wealth Management

This case study outlines how RBC Brewin Dolphin, a prominent wealth management firm based in London, addressed the challenge of understanding its cybersecurity risks, particularly those associated with third-party vendors. The firm required a comprehensive view of its attack surface due to the sensitive information it manages. To tackle this issue, RBC Brewin Dolphin implemented Bitsight's Security Performance Management and Third-Party Risk Management solutions. These tools provided deep insights into their security posture and continuously monitored vulnerabilities that could be exploited by hackers. The case study details various outcomes, including how the firm enhanced its security questionnaire process and improved the due diligence of its vendor relationships. Furthermore, it discusses the value of real-time insights and data-driven decision-making regarding vendor security, allowing RBC Brewin Dolphin to proactively manage risks before they enter its supply chain. Overall, the integration of Bitsight's solutions has enabled the firm to achieve a more holistic understanding of both internal and external security risks.