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This is an increasingly important matter to consider. We are seeing banks and indeed all Financial Institutions expect their vendors who are offering services via the cloud to demonstrate their own third party risk management too. Overall, I see this as a positive development, not only from a risk management perspective. It shows that the industry is moving towards the concept of a supply chain for IT. In the long run this will reduce the number of proprietary legacy systems and therefore the total cost of ownership of IT by banks. This will benefit both customers and shareholders.

I agree with @Matthew O'Neill re other verticals too. The real challenge is that early stage companies whose innovation capabilities large firms want to access are inherently risky. Over 90% of early stage software companies fail in the first 5 years. Large organisations want to work with the 10% survivors - they just struggle to identify who those ones will be.

Success has many fathers - failure has only one! That is the organisational challenge that early stage companies need to overcome. Technology in this scenario cannot sell itself and as we see in this report Technologists on their own are struggling to sell it too.

This is why we created our FinTech scorecards. It has been designed to help business leaders understand their potential technology providers better and thereby enable closer engagement between business and IT and faster concensus formation. 

@Roman - would you like to chat?

Fantastic news for Mosaic Smart Data. Great to see one of the early adopters of our FinTech scorecard so recognised.