LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest success story on reducing third-party risks by 70% for a European financial services company.
The company wanted to identify supplier risks that could lead to operational disruptions and non-compliance issues. The time agreed upon with the client to conduct this engagement was one month.
- Objective 1: The company wanted to segment vendors across the supply chain and gain visibility to identify potential problems.
- Objective 2: They also wanted to develop a process that could reduce risk and three lines of defense (3LD) goals while coordinating vendor contracts.
- Interested in gaining detailed insights? Request a free demo and know how we can help you with supplier insights and provide access to over 1000+ reports.
“Companies in the financial services industry must partner with vendors to innovate and boost efficiency in order to address the increasing cost of compliance,” says a procurement expert from SpendEdge.
Key findings and solutions offered
In a span of six months, the client – a financial services company in Europe – obtained suppliers’ information with visibility and minimized repeated assessment requests. The solution offered helped them to:
- Nurture long-term relationships with strategic suppliers.
- Trace audit trails, improve accuracy, and reduce third party risks by 70%.
- Are you looking for solutions to devise effective risk mitigation strategies and gain specific supplier insights? Request a free proposal to access our tailor-made solutions today!
Outcome: To cater to the specific requirements of the client, the experts offered an innovative supplier management solution and addressed 3LD challenges. They identified companies that could automate risk assessment capabilities through a unified data set and advanced risk modeling and enabled the client to develop an effective risk management process. The solution offered also helped the client to gain detailed insights into supplier relationships and maximize protection for the audit group.
To access the complete case study on how we helped a financial services company reduce supplier risks and trace audit trails, get in touch with our experts here!
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