FiRisk Consulting aided in the development and delivery of an entity-wide vendor risk management solution. This new strategy focused on performing risk-based assessments which linked and monitored compliance and operational requirements.
Our client, a major US bank, was challenged with ensuring both regulatory and operational compliance for its various vendors. This was particularly challenging in situations where the vendor was acting in an ‘agent’ capacity for the bank. Our client needed a process to effectively manage the risk created by vendors engaged in these services.
The strategy and activities helped the bank actively assess, monitor and manage risks generated by vendor activities, including compliance, operational performance, reputational, and foreign risks. The client realized a significant reduction in vendor regulatory and operational compliance costs.
FiRisk Consulting developed and managed the execution of a ‘top-down’ vendor risk management solution, which utilized a balanced scorecard method: