What Is SWIFT Assessment Service?

 

SWIFT Assessment Service

Globalization has made a lot of changes in the financial sector. Financial transactions became more secure with certain mediums and frameworks. The Society for Worldwide Inter bank Financial Telecommunication (SWIFT) is one among these services and it is for the payment between banks. It is made possible the transactions between countries. It is a part of the global payment system and acts as a carrier for transactions between financial organizations. It does not have any role in clearing and settlement. It acts as a messenger between two banks or financial enterprises.

The SWIFT users have to assess compliance within certain frameworks and guidelines, and it is mentioned in the Customer Security Control Framework (CSCF). As per the Independent Assessment Framework (IAF), all users have to assess more accurate service. The assessment can be done externally and internally. For the external assessment, there are SWIFT assessment service providers. These service providers are a team of experts.

Some factors need to be considered for Selecting SWIFT Assessment Service

Users are voluntary to choose internal or external assessments.

• For the external assessment, users have to choose external service providers. The external service providers should have strong cyber security systems and experience under PCI DSS. 

• The lead advisor should have proper experience

• In the internal assessment, the assessment team should be capable to handle all the security measures and should be eligible for internal audit and assessment

• The team should have strong Cybernet security systems assessment experience at the industry standard level. 

• The lead assessor should have an industry-relevant professional certificate. 

An assessment team can be formed by mixing internal and external assessors and that can cross the expertise. The user has the sole responsibility to choose an internal or external SWIFT assessment service. But, the internal assessors, there may be a chance to skip their work. the SWIFT assessment is doing gap analysis, remediation, and attestation. Finally, they will submit the complete assessment report and completion letter. Awareness training is also essential, and these service providers offer the training. While selecting the assessors you have to consider their credibility and service history.