Commonwealth Financial Network is the largest privately held RIA-independent broker-dealer network that has been providing financial and backend services across the United States since 1979. Commonwealth assists their advisors with advisor-focused business solutions across practice management, web design, investment research, cybersecurity, and marketing support. Commonwealth is the partner of choice for more than 2,000 independent financial advisors nationwide.
Case Study Background:
At Commonwealth Financial, the vendor due diligence process became disorganized and bottlenecked for their growing security team; they had grown from a team of 12 to 28 in the past year. As the team scaled, they struggled to standardize their process and produce consistent risk intelligence. This challenge adversely impacted the confidence of their internal stakeholders and customers. With a rapidly growing team and company, the demand for a more efficient system became a critical initiative.
Critical Business Issues:
- Time consuming, unscalable and very manual assessment process
- Lack of standardized processes and continuous tracking
- Low visibility into vendor population
- Centralized solution for tracking risk data
- Quickly assess new vendors, unblocking the procurement process
- Solution needed to automate at scale
That’s when they turned to VISO TRUST to alleviate the burden of their vendor security review process and automate due diligence.