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

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


 

Challenge

  • High volume of vendors with access to critical financial and PCI data
  • The assessment was done in-house by a small team
  • Resulted in 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 clients resource availability and reduced the vendor risk assessment backlog
  • Increased Vendor compliance and reduced over all third party risk posture