Big firms deflect banks’ questions on third-party risks

From exchanges to software sellers, big players hang back on due diligence questions, banks say

Some vendors will not answer specific questions posed by bank risk managers

Behemoths that provide critical services to the financial industry are balking at sharing their information with banks trying to conduct third-party risk assessments.

The recalcitrant are mostly companies of some heft, such as big data providers and software creators, as well as bodies that run the very infrastructure of the financial markets – exchanges, clearing houses, payments systems and others.

Data breaches, increasingly common and expensive, have become a source of anxiety for large