Streamlining third-party risk management for open banking

As banks and credit unions prepare for the compliance deadlines in the CFPB's Section 1033 Final Rule on Personal Financial Rights, managing third-party risk and security has emerged as one of the greatest challenges for fulfilling the regulatory requirements.  

This is because financial institutions will be required to rigorously vet all third parties seeking access to consumer data, ensuring they meet strict security standards all while trying to maintain efficiency at scale. 

This is where Akoya’s third-party managed services for security and risk reviews and data access agreements can help your financial institution. 

A key component of our end-to-end 1033 Compliance Solution, these services are specifically designed to simplify third-party risk management. We provide the expertise and support you need to achieve and maintain compliance with confidence. 

How Akoya makes third-party risk management easier 

We take the risk and security management burdens off your team by managing the entire security review and contracting process for third-party data recipients. 

How we help: 

• Full security vetting: Akoya oversees the entire vetting process, ensuring compliance with recognized industry standards like ISO 27001, SOC 2 Type 2, and FFIEC guidelines. 
• Streamlined contract management: We handle the delivery and maintenance of agreements with authorized third parties, saving your team time and resources. 
• Collaborative risk validation: Akoya works closely with your internal risk teams to validate every element of the process—assessment methodology, questionnaire coverage, risk tiering, and evidence collection—ensuring alignment with your institution’s compliance standards. 

A flexible, tiered risk assessment approach 

Not all third-party data recipients carry the same level of risk. Akoya’s approach accounts for this with a context-based, tiered evaluation process that tailors vetting to each recipient’s risk level. 

How it works: 

Qualifying questions: We start with questions to categorize data recipients into one of three risk tiers: 

• Low risk: Requires minimal evidence, like a basic attestation. 
• Medium risk: Involves moderate evidence collection and a detailed review. 
• High risk: Demands a rigorous, in-depth assessment. 

Tailored evaluations: Based on the risk tier, we customize our evaluations to reflect both the recipient’s role and your institution’s unique needs. 

Approval flexibility: Institutions can choose how approvals are handled: 

• Fully delegated to Akoya. 
• Managed in-house. 
• A hybrid model, where Akoya handles approvals and your team reviews denials. 

This structured approach allows for fast, secure third-party onboarding without compromising the quality of risk management. 

Fully managed data access agreement services  

Authorized third parties seeking to access the financial institution's developer portal will be required to agree to their terms. Our team partners with financial institutions to structure and deliver agreements, leveraging best practices and standardized templates. 

We administer the self-service contracting process on the financial institution’s behalf with full compliance assured. 

Built on trusted, proven standards 

Akoya’s risk management process is backed by years of collaboration with leading financial institutions and adheres to well-established industry standards. If a third-party recipient does not have certifications like ISO 27001 or SOC 2 Type 2, we step in with our proprietary Due Diligence Questionnaire (DDQ)—built on NIST standards. 

This ensures: 

• Speed and flexibility: Efficient risk management that moves at the pace of your business. 
• Baseline security consistency: Strong, reliable security standards that can be tailored as needed. 
• Scalability: Focused efforts on high-risk recipients while streamlining low-risk cases. 

Your go-to solution for open banking compliance 

Akoya’s approach is designed to align seamlessly with the requirements of CFPB Section 1033, ensuring a thorough but fair vetting of third-party data recipients. By eliminating unnecessary delays and reducing complexity, we give financial institutions peace of mind knowing compliance is maintained. 

With Akoya’s third party managed services, risk management becomes a streamlined, burden-free process. We simplify compliance, protect consumer data, and reduce operational strain—so you can focus on what matters most: serving your customers. 

Ready to simplify your compliance journey?Learn more about Akoya’s 1033 Compliance Solution here.