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