Enhancing Third-Party Risk Management: SpendEdge's Benchmarking Case Study

NEW YORK, Sept. 25, 2023 /PRNewswire/ -- In the financial services industry, several challenges loom large, from regulatory compliance and vendor risk management to digital transformation. These hurdles can impede efficiency and cost-effectiveness in procurement. A prominent global banking institution headquartered in the USA recently faced a pressing concern – the need to elevate their third-party risk management process. They harbored doubts about the adequacy of their current service provider's measures and services, particularly in the face of evolving threats like data breaches and the potential for reputational damage.

Client Details: Our client, a leading global banking firm renowned for its presence in the financial industry, acknowledged the paramount importance of robust third-party risk management. Their unwavering commitment to data security and the preservation of their sterling reputation led them to seek an upgraded solution.

Challenges: The client grappled with several challenges related to their existing third-party risk management service provider:

1. Transparency Deficiency: The current service provider operated with a noticeable lack of transparency regarding their risk management measures. This left the client feeling exposed to potential data breaches and the accompanying threat of reputational damage.
2. Heightene Risk Exposure: The evolving threat landscape, coupled with stringent regulatory requirements, necessitated a more comprehensive approach to risk management.
3. Service Adequacy: The client harbored uncertainties about whether their current service provider's offerings were sufficiently robust to address their security and compliance prerequisites.

1. In-Depth Benchmarking Analysis: We conducted a meticulous benchmarking analysis encompassing various third-party risk management service providers in the market.
2. Key Evaluation Factors: Critical factors, such as the providers' years of experience, track record in managing security issues and data breaches, and the nature of their clientele, were meticulously scrutinized.
3. Identification of Alternatives: Based on our insights, we presented the client with a thoughtfully curated list of alternate third-party risk management service providers who demonstrated the capacity to meet their stringent requirements.

Results: The outcome of the benchmarking process was nothing short of transformative:

1. Shortlisted Supplier Candidates: The client proceeded to shortlist three third-party risk management service providers. Each candidate exhibited a commendable ability to meet the client's exacting criteria.
2. Vendor Transition: In a strategic move, the client opted to transition to a new service provider. This transition afforded them enhanced visibility into risk management processes and fortified their overall risk mitigation strategies.

For a deeper understanding of how SpendEdge can elevate your procurement processes, click here.

About SpendEdge: SpendEdge is a globally recognized procurement and supply chain consulting firm. We are renowned for our unwavering commitment to empowering organizations across diverse industries in making informed, data-driven decisions.

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SOURCE SpendEdge

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