CBN Circular BSD/DIR/PUB/LAB/019/002 · March 10, 2026

Your vendors are
your biggest unmanaged
risk.

The CBN has mandated every bank, fintech, and payment provider to deploy automated compliance systems. Implementation Roadmaps must be submitted by June 10, 2026. TARisk delivers yours — in days, not weeks.

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81 days
To June 10 CBN roadmap
submission deadline
3,000+
Nigerian institutions under
mandatory CBN directive
Pillar 12
CBN mandates vendor due diligence
on all AML technology providers
TARisk  ·  Vendor Risk Dashboard  ·  First Commercial Bank of Nigeria
8
Total Vendors
5
CBN Compliant
2
Under Review
1
Non-Compliant
VendorCategoryScoreTierCBN Status
Interswitch Limited
Payment Processing
Critical
87
● Compliant
CWG Plc
IT Infrastructure
High
73
● Under Review
Landover Company
Facility Management
Low
61
● Non-Compliant
Nigerian banks are spending on unmanaged vendor risk — right now
₦0
Estimated annual cost of unassessed third-party risk across Nigeria's banking sector  ·  TARisk changes this.
The Problem

Every Nigerian bank has hundreds of vendors. None of them are properly assessed.

CBN Circular BSD/DIR/PUB/LAB/019/002 (March 10, 2026) mandates a fully automated compliance lifecycle — including Pillar 12 vendor governance. Every institution must submit an Implementation Roadmap by June 10, 2026, or face administrative sanctions and personal liability for senior executives.

📋
Spreadsheets and guesswork
73% of Nigerian financial institutions manage 300+ vendors with 2 or fewer dedicated staff, relying on manual checklists that haven't been updated in years.
⚠️
CBN examiners are coming
The CBN Compliance Department, operational since Q2 2025, explicitly supervises third-party risk management. Non-compliant institutions face fines, directives and reputational damage.
💸
Global tools don't work here
Western TPRM platforms cost $30,000–$100,000/year in USD, use DORA and FCA frameworks, and ignore CBN requirements entirely. They are not an option for Nigerian institutions.
"We couldn't find the right risk leader in Nigeria. We had to go to South Africa."
Dangote Group, March 2026 On the appointment of a South African executive as Group Chief Risk Officer — confirming Nigeria's enterprise risk capability gap.
Who Bears the Risk
Deposit Money Banks CBN Mandated
Fintechs & Payment Firms CBN Mandated
Microfinance Banks CBN Mandated
Insurance Companies NAICOM Aligned
Conglomerates Best Practice
The Platform

Everything a Nigerian bank needs.
Nothing it doesn't.

🗂️
Vendor Registry
Centralise your entire vendor estate in one place. Onboard, categorise, and tier all third parties by risk level — Critical, High, Medium, Low — with full contract and spend tracking.
CAC · Contract · Spend Tracking
📊
CBN Risk Assessment
12-question assessment framework built around CBN regulatory requirements — covering AML/CFT compliance, NDPA 2023, cybersecurity, operational resilience, and governance.
CBN · NDPA 2023 · BOFIA 2020
🎯
TARisk Compliance Score
Every vendor receives a TARisk score from 0–100. Scores are weighted by regulatory importance, updated in real-time as assessments are completed, and benchmarked across your portfolio.
Real-time · Weighted · Benchmarked
🔔
Risk Flags & Alerts
Automated flags for contract expiry, overdue assessments, non-compliant vendors, and regulatory changes. Your risk team sees what needs attention before it becomes a CBN finding.
Automated · Prioritised · Actionable
📄
CBN Disclosure Reports
Generate audit-ready CBN regulatory disclosure reports in one click. Executive summary, full vendor register, compliance status and remediation recommendations — formatted for submission.
Audit-ready · One-click · Submission-formatted
🇳🇬
Built for Nigeria
Naira-priced. CBN-mapped. CAC-registered. Data hosted in compliance with NDPA 2023. No USD pricing, no DORA frameworks, no assumptions about your context. TARisk understands Nigeria.
Naira · CAC · NDPA 2023
How It Works

From zero to CBN-ready
in four steps.

1
Onboard Your Vendors
Register all third-party vendors with key details — category, tier, contract, annual spend. Bulk import available.
2
Run Assessments
Complete the 12-question CBN framework assessment for each vendor. Takes 15 minutes. Score updates live as you answer.
3
Monitor & Flag
Dashboard shows your full compliance picture. Flags alert you to expiries, overdue reviews and non-compliant vendors.
4
Generate CBN Report
One-click regulatory disclosure report. Executive summary, full register, compliance status. Ready to submit.
CBN Alignment

Built around the regulations that matter.

TARisk is designed from the ground up around CBN requirements — not adapted from Western frameworks.

CBN Compliance Department Circular (Sept 2025)
Mandates enterprise security supervision including TPRM for all regulated entities
Nigeria Data Protection Act 2023 (NDPA)
Data processing, vendor data obligations, DPO requirements — all mapped
BOFIA 2020 — Third-Party Risk Provisions
Banks and Other Financial Institutions Act vendor governance requirements
CBN Circular BSD/DIR/PUB/LAB/019/002 (March 2026)
Vendor management policies and third-party AML compliance obligations
CBN Cybersecurity Framework
IT vendor risk, penetration testing requirements, incident response obligations
Sample TARisk Portfolio Score
81
/100
✓ CBN Compliant — Low Risk
5 Compliant 2 Under Review 1 Non-Compliant
Breakdown by Tier
Critical 89 avg
High 76 avg
Medium 81 avg
Why TARisk

The only platform
Nigerian banks actually need.

★★★★★
"Finally — a risk platform that knows what CBN actually requires. We'd been trying to adapt a UK framework for two years. TARisk just works."
Head of Operational Risk
Tier 2 Commercial Bank, Lagos
★★★★★
"Our CBN examiner visit went from a risk to a strength. We walked in with a full vendor compliance register and a TARisk portfolio score. They were impressed."
Chief Compliance Officer
Licensed Fintech, Abuja
★★★★★
"We manage 340 vendors across 6 product lines. Before TARisk it took us 3 months to produce a vendor risk report. Now it takes 3 minutes."
VP Procurement & Risk
Insurance Group, Lagos
₦4.8M
Average annual subscription
(per institution)
15min
To complete a full
vendor assessment
1-click
To generate a
CBN compliance report
0
CBN licences required
to use TARisk
Get Started

Ready to close your
CBN compliance gap?

Book a 30-minute demo. We will show you the live platform, map it to your vendor estate, and give you a clear path to CBN readiness.

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No commitment required  ·  30-minute session  ·  Built by TA Consult Nigeria