Challenge
- The customer was on an acquisition spree, with continuous increases in the vendor base.
- The existing solution did not meet operational efficiency.
- The solution was not supporting to meet the FFIEC guidelines.
- The client was looking for an integrated rule-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.
And 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 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.
