Risk Managed. Value Delivered.
Third-party vendors are often a significant source of risk. With Proviniti’s TPRM (Third-Party Risk Management) Accelerator, organizations can rapidly deploy and achieve time-to-value benefits. Embrace NowAssist (GenAI), ServiceNow flagship product and quickly summarize the Risks, Issues, Documents, Activiti logs and generate a concise summary in a flash. Managing the complex third-party relationships, compliance metrics requires a robust platform to mitigate risks effectively.
Key Challenges
The Banking, Financial Services and Insurance (BFSI) financial institutions are always under the scrutiny of regulators, government agencies.
- Consequences: Risk of regulatory non-compliance, financial penalties, and reputational damage.
- Need for Efficient Solutions: Demand for automated, integrated tools to improve third-party risk assessments and reduce manual efforts.
- Regulatory Impact: Evolving regulations require adaptable risk management tools to stay compliant.
- Urgency for Addressing Gaps: Need for scalable solutions to meet current and future regulatory demands.
- Specific Regulatory Needs: Regulators require continuous monitoring, detailed risk assessments, and comprehensive reporting.
- Operational Resilience: Strong third-party risk management ensures institutional resilience in the face of disruptions.
Enterprise-Wide Third-Party Risk Management
Pre-configured QuickStart Solution (TPRM)
- Pre-configured Workflows – OCC /OSFI framework
- Vendor Risk Assessments - Pre-defined assessment scores
- Regulatory Compliance - Pre-defined compliance metrics
- Centralized Dashboard - Real-time reports
- Automated Continuous Monitoring - Scheduled assessments
- Integration Capabilities - Third-party integrations
Proviniti’s TPRM Accelerator Customer Benefitsr
Assessment Management Workflows
- Inherent Risk Questionnaire: Streamlined risk evaluation framework.
- Due Diligence Questionnaire: Comprehensive assessment to evaluate third-party risk.
- Third-Party Risk Domains: Broad scope covering various risk factors in third-party relationships.
Onboarding, Offboarding,
& Due Diligence
- Pre-built Assessment Questionnaires: Customizable, ready-to-use templates for risk evaluation.
- Automated Onboarding Workflows: Efficient, automated processes for new third-party integrations.
- Automated Offboarding Workflows: Seamless, automated procedures for disengaging third parties.
- Scheduled On/Offboarding Workflows: Timely and consistent execution of onboarding/offboarding tasks.
Continuous Risk Monitoring & Performance Management
- Performance Management: Real-time monitoring to assess third-party performance and risk.
- Simplified Renewals & Offboarding: Streamlined processes that enhance consistency and accelerate decision-making.
Operational Efficiency & Continuity
- Third-Party Risk Validation: Simplified process to assess supplier, vendor, and service provider risks.
- Operational Continuity: Ensures business continuity by effectively managing third-party risk.
Cost Savings & Financial Protection
- Financial Stability Evaluation: Assessing third-party financial health to mitigate risks.
- Avoiding Vulnerable Partnerships: Reduces exposure to financially unstable third parties and engagements.
Enhanced Decision-Making & Informed Partnerships
- Real-Time Dashboards & Insights: This service provides actionable, comprehensive insights for informed decision-making and strategic partnerships. It offers five dynamic dashboards with key performance indicators for continuous monitoring and insights.
- Policy Documents, Control Objectives & Tests: 4 comprehensive policy documents outlining control objectives and standardized tests for compliance.
- Pre-configured Inherent Risk Questionnaires: 5 sets of pre-configured questionnaires (40 questions each) for efficient risk assessment.
- Pre-configured Due Diligence Questionnaires: 5 sets of pre-configured questionnaires (50 questions each) for thorough due diligence.
- Dynamic Role Assignment: Flexible, role-based access for granting third-party permissions in real time.
- Automated Third-Party Assessments: Streamlined, automated third-party assessments to reduce manual oversight.
- Pre-built Assessment Templates: 6 customizable templates for consistent and efficient assessments across all third-party engagements.
TPRM Accelerator Impact & Benefits
- 30-40% Reduction in Manual Efforts:
Reduced time spent on manual tasks led to improved operational efficiency. - 25% Improved Compliance Metrics:
Enhanced compliance tracking and reporting to meet regulatory standards. - Faster MVP Deployment:
Reduced implementation timelines by approximately 30%, enabling rapid time-to-market.