Business models for banking & financial services institutions have evolved from being a monolithic banking entity to multi-tiered service entity. The most opted methodology to do that is by means of outsourcing services to vendors & 3rd parties. Every outsourcing enterprise should be aware of the risks that vendors bring to the table. The number of data breaches attributed to 3rd party vendors has increased by 22% since 2015- Source PwC & Deloitte. 94.3% of executives have low to moderate confidence in their third-party risks management tools & technology, and 88.6% have low confidence in the quality of the underlying Information Security Risks management.”]