Vendor Risk Co-Implementation

We leveraged one single IRM platform to standardize and rationalize compliance, risk and control frameworks across the organization.


A publicly traded Fortune 500 company and provider of regulated marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities.

The Challenge

In this financial institution, there were over 7,000 vendors with portfolios, risk assessments, and remediation processes to manage. To lower the audit risk caused by outdated and inaccurate information, they needed a single point of access to host and manage vendor information.

Project Highlights

ServiceNow CSM (Customer Service Management)
ServiceNow Vendor Risk Management

To better manage third-party risk, we implemented ServiceNow's VRM solution for our client, which offers the ability to analyze data across the organization based on event data.

ServiceNow CSM (Customer Service Management)
Centralized Process

Together with our client, we developed a single, cohesive process for vendor portfolio management, conducting assessments, and resolving lifecycle issues.

ServiceNow CSM (Customer Service Management)
Single IRM Platform

This client now utilizes a single IRM platform to standardize and rationalize compliance, risk, and control frameworks throughout the organization.

ServiceNow CSM (Customer Service Management)
Vendor Facing Portal

Through the management of just one vendor portal, this client can control and maintain all vendor risk questionnaires and assessments.

The Solution

We implemented the ServiceNow Vendor Risk Management Application. This allowed us to create a centralized process for managing a portfolio of over 7,000 international vendors. With a single portal, admins now have the ability to monitor real-time information, create questionnaires, and automate risk assessments. As a result, audit costs are reduced and investor relations and decision-makers are readily equipped with the data they need.

Want to Learn More? Talk to an Expert
Contact Us