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