What is FSIX and FS 9000?

FSIX stands for the Financial Standards International Xchange. FSIX is a non-profit association of financial industry service providers and organizations that provide support to the financial services industry. FSIX provides guidance to the financial services (FS) industry in standardizing and improving financial processes.

The FSIX mission is to provide a non-competitive forum for firms within the FS industry to share information about best practices for improving the key processes affecting their customers. In other words, FSIX will provide the FS industry with a powerful “knowledge management” system whose functional objective is to enable the improvement of critical business results for both member firms and their customers. FSIX believes this sharing will lead to greater process standardization within the industry, which in turn, will lead to increased revenues and decreased operating costs and risks.

Many FS firms have not seen the applicability of the ISO 9000 standard to their businesses, in part because it lacked relevance in a sufficient level of detail. Others have been reluctant to undertake the documentation efforts required for certification. Nevertheless, ISO 9000 principles are equally applicable to financial services because positive results can be gained by continual improvement to process-bound financial services operations. This would be particularly true if it was combined with specific enhancements for the financial services industry, such as a FS 9000 standard.

The advent of the new ISO 9001:2000 standard, with increased emphasis on customer focus, adoption of a process approach, and reduced documentation requirements, has increased FS interest. FSIX believes that by adopting the new standard and providing “adders” which address those areas endemic to FS firms, such as, risk and privacy, the customized FS 9000 standard will be far more attractive.

For more information, see <http://www.fs9000.com>.