Third Party Risk Management
VALUE PROPOSITION
- Building a multi-source, centralized vendor datastore based on a schemaless Knowledge Graph, alleviating issues with data quality, lineage and management
- Automating information gathering review, enabling alerts of changes in vendor attributes and key events in near real-time
- Lowering Total Cost of Ownership by shifting to OPEX using low code PaaS over cloud infrastructure and decreasing labour-intensive tasks by providing a process-centric, AI-embedded application
- Decreasing false positives and errors using AI-based evaluation, allowing the firm to allocate staff to high-value differentiated activities (e.g., risk assessment)
Modernisation of a world-leading managed service provider offering third party risk management solutions, by automating workflows and increasing integration to reduce administrative burden
BACKGROUND
The firm faced increasing regulatory scrutiny, audits and fines. New guidelines demanding more frequent third-party reviews were impractical due to the firm’s highly manual investigation process
The service provider was faced with assessing financial services suppliers, however, its manual vendor onboarding and third-party research process was slow and expensive
Analysts were unable to effectively absorb and analyse scattered, incoherent data to draw accurate conclusions and apply them consistently across decision-points
TARGETS
- Increase profitability by decreasing costs through automation
- Meet new regulatory requirements for speed and frequency, by including an alert system for key changes in third party attributes
- Accelerate the introduction of new services and integration of acquired products by unifying enterprise-wide data and processes
ADDRESSING THE NEED
- Created a multi-client service environment with dedicated sites for each client and an MSP portal
- Configured vendor, contract and case management workflows, including screening, risk evaluation and rating
- Implemented sub-sourcing controls, identifying vendor business partners and subcontractors and ensuring that the risks fit the firm’s business and security strategy
- Applied continuous monitoring, tracking real-time changes of information gathered during vendor due diligence and assessment
- Automated the analysis and evaluation of cyber events across industries and jurisdictions, ensuring cyber risk management and data security
Other Use Cases
