Minding your
own business
isn’t a solitary exercise
Leveraging a streamlined process supported by technology, managing third-party risk is easier than you think.
COMPANIES AREN’T WALLED IN ANYMORE. AND NEITHER IS RISK.
The Situation
“Mind your own business.” How many times did you hear that growing up? It’s solid advice to heed on the schoolyard, but then it gets… complicated. In the global economy, you can’t turn a blind eye to anything that might put your customers, your employees, or your reputation at risk. Minding your own business has to include a healthy interest in other people’s business, too.
Most large companies rely on third parties for solutions ranging from core services to hosted technology solutions—but these much-needed solutions also introduce risks. That’s what our client, a large global financial institution, was struggling with. To align with global industry and regulatory standards, it needed to address multiple categories of risk such as cybersecurity, data privacy, business continuity, financial viability, and bribery and corruption prevention.
And it all had to be done at the same time—for a significant number of vendors.
The company looked to Deloitte to help design and implement a third-party risk management (TPRM) program that could offer greater visibility into its complex vendor ecosystem. The program needed to be efficient and effective, and to enable all the company’s business lines to take a single-minded approach to third-party risk. But delivering this expansive view would take time—and that was something our client couldn’t spare.
THE SOLVE
BEST PEOPLE. BEST TECHNOLOGY. THE BEST SOLUTIONS HAVE BOTH.
The Impact
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Deloitte’s TPRM managed service gives our client a scalable program that provides:
- An integrated view of risk versus visibility into only one risk at a time.
- Potential to bring third-party collaborations to market faster.
- Enhanced TPRM transparency through workflow and reporting features.
- Better connectivity to vendors, resulting in improved performance.
- A range of TPRM data solutions, including lower-cost options such as news monitoring.
- The ability to respond to regulations and audit requirements in a more agile way.
Additionally, the client’s vendors were able to provide feedback that addressed their issues with the TPRM program, resulting in greater confidence in the company’s approach to TPRM on both sides.
Thanks to the broad view of supplier risks the new TPRM program provides, now the company can worry less about what others may be doing. And with Deloitte’s Operate Services, our client is able to keep the focus on growing its business, rather than minding it.
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