How a Top 10 Biopharmaceutical transformed its Third Party Risk Assessment?

Challenge

• Email and excel based risk assessment – High admin overhead, high turnaround time, inconsistent reporting, inconsistent mitigation task management
• A small team supporting a large number of vendors
• Vendors spread across 65 countries requiring an easy to use solution
• Decentralized assessment but centralized monitoring

Solution

• 3P Risk Management Solution rolled out in 2 months across 65 nations.
• Rolled-out to vendors and internal business owners, country managers and SMEs
• Created geography and tier-based questionnaire
• SAML based Single-sign-on for clients
• Ad-hoc and custom reporting

Results

• Streamlined Assessment and remediation workflows – reduced admin overhead significantly. Database of mitigation tasks ensured consistency across all analysts
• Realtime Monitoring, dashboards, reports and scorecards – provided global insight into risk
• Increased collaboration and communication across teams and vendors