CASE STUDY

Enhancing Third-Party Risk Management: A Global Company’s Compliance Transformation

A multinational corporation in over 200 countries sought a technology-driven solution to streamline third-party onboarding, identify potential risks, and enhance compliance visibility across diverse business units and geographies.

Challenge

Managing compliance activities manually or through disparate systems across multiple jurisdictions resulted in inefficiencies, communication gaps, and delays in risk identification. The vast, diverse third-party network required robust multilingual capabilities to ensure seamless due diligence and engagement. Additionally, compliance teams, procurement, and executive leadership required tailored insights, but providing data accuracy and accessibility across stakeholders was time-consuming and complex.

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What We Did

To address these challenges, we implemented a centralized yet flexible solution that tailored workflows to the unique compliance needs of different business units. Our approach promoted collaboration, streamlined risk management, and enhanced overall efficiency.

01

Scalable Third-Party Risk Management:
We worked closely with the client to map existing processes, identify automation opportunities, and implement onboarding, risk assessment, and monitoring workflows, significantly reducing manual efforts.

02

Integrated Risk Insights:
A custom risk scoring algorithm and data integration from various compliance functions enabled the client to identify risks efficiently and prioritize mitigation based on third-party risk profiles.

03

Multilingual Compliance Capabilities:
We deployed compliance questionnaires in over 25 languages, allowing seamless global interactions. Intelligent flagging mechanisms automatically identify responses that require further review, reducing processing time.

04

Advanced Analytics & Reporting:
Our business intelligence module empowers stakeholders with real-time, customizable reports, providing actionable insights to support informed decision-making and efficient cross-functional communication.

05

Collaborative & Tailored Approach: We combined technology with deep compliance expertise to ensure the solution was both configurable and customizable. This approach fostered rapid adoption across business units and expanded the solution’s use cases, maximizing the value of the client’s investment.

Value Delivered

Through our innovative approach, the client achieved:

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A standardized, scalable third-party risk management framework.

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Enhanced risk identification and prioritization capabilities.

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Significant reduction in manual compliance efforts and review time.

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Improved stakeholder collaboration and reporting efficiency.

By integrating advanced compliance technology with strategic expertise, we delivered a transformative solution that strengthened the client’s third-party risk management framework and positioned them for long-term success.

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