How a leading financial institution is supported by ComplyScore Vendor Risk Assessment Managed Services

 

Challenge

• A high volume of vendors with access to critical financial and PCI data
• The assessment was done in-house by a small team
• Resulted in a lot of vendor risk assessments backlogs and delays
• The process carried out was an online spreadsheet-based with communications over email

 

Solution

• ComplyScore transformed the spreadsheet-based process into a complete online risk assessment, management, and monitoring
• Deployed ComplyScore Enterprise customized to the unique and complex needs. Linked Vendor risks to Enterprise risk policies
• ComplyScore also provided outcomes priced Managed services end-to-end

 

Results

• The solution provided automation and transformation of the Vendor risk management process
• Reduced the TCO to more than 50%
• Increased the client’s resource availability and reduced the vendor risk assessment backlog
• Increased Vendor compliance and reduced overall third party risk posture