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

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
  • Small team supporting 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 score cards – provided global insight into risk
  • Increased collaboration and communication across teams and vendors