Vendor Risk Management
Vendor risk management is a critical process for evaluating both new and existing suppliers to assess their reliability, financial health, regulatory compliance, and overall risk to your organization. CENTRL AI platform streamlines the process of identifying and monitoring potential issues so you can proactively mitigate risk. Draw intelligence and insights to make informed onboarding decisions to best manage vendor relationships with confidence.
Client Win
Top 10 EU-based global financial institution with millions of clients ranging from individuals and investors to some of the world’s largest corporations and governments across more than 60 countries.
Business Challenge:
- Manual oversight process using Excel/Word/PDF exclusively
- No central, dynamic repository for content
- Evaluation processes had no structure or standards in place, leaving room for errors and inconsistencies
- No consistent workflow or audit controls in place across analysts or departments
- Disparate, offline communications resulting in little transparency with no historical tracking and ability to compare past and present data
- Invoicing and capture platform not integrated with assessments, forcing extra steps in the workflow process
Solution:
- Deployed universal platform that scales across 4 global businesses and various divisions within BNM360 platform
- Database flexibility and deeper insight & analytics for funds and service providers globally at entity and fund level
- Quickly able to send out questionnaires using a central repository, publishing 250+ questionnaires in the last 3 months
- Streamlined workflow processes across all regions to ensure cohesive DD approach
- Integrated Invoice aggregation and reconciliation functionality with the BNM360 platform to streamline reporting
Impact:
- Time from assessment development to final report dropped by more than 80%, saving more than 2,000 hours annually
- Creating scorecards instantly, rather than previous 5+ hours, including manual edits
- Created custom automated dashboards and reporting shaves off 2-3 days from process, previously managed by a team of 10 due to disparate systems
- 100% transparency in audit trail managing clarifications or content issues
- CENTRL’s road map for ongoing platform improvements means continued commitment to enhancements, including AI