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

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 the operational efficiency.
  • The solution was not supporting to meet the FFIEC guidelines.
  • The client was looking for an integrated rules 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.
    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 a 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.