How one of the largest Bank in the Midwest, transformed its Vendor Governance Program?

Challenge

• The customer was on an acquisition spree, with continuous increases in the vendor base.
• The existing solution did not meet operational efficiency.
• The solution was not supporting to meet the FFIEC guidelines.
• The client was looking for an integrated rule-driven Vendor Governance solution to automate workflows and reporting.
• The client was looking for a partner to provide domain expertise and guide them through best practices.
  And also needed a solution for managing contract terms and assessments.

Solution

• ComplyScore Vendor Governance Enterprise was customized to the business needs and deployed.
• ComplyScore not only provided the solution but domain expertise and industry best practice guidelines in implementing the solution and managing the program.
• Created a single source of data.

Results

• Segmented vendor population in risk tiers and eight other segments
• The solution helped scale the program without increasing the staff.
• Helped meet all the regulatory guidelines.
• Reduced risk, gave good oversight on risk and eventually reducing risk and increasing compliance.
• The solution helped double the capacity in a short span of time, reduced overheads.
• Efficiently helped absorb the new pool of vendors from acquired entities.