Challenge
- A high volume of vendors with access to critical financial and PCI data
- The assessment was done in-house by a small team
- Resulted in a 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 client’s resource availability and reduced the vendor risk assessment backlog
- Increased Vendor compliance and reduced overall third party risk posture
