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.
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 To lower the audit risk caused by outdated and inaccurate information, they needed a single point of access to host and manage vendor information.
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.
Together with our client, we developed a single, cohesive process for vendor portfolio management, conducting assessments, and resolving lifecycle issues.
This client now utilizes a single IRM platform to standardize and rationalize compliance, risk, and control frameworks throughout the organization.
Through the management of just one vendor portal, this client can control and maintain all vendor risk questionnaires and assessments.
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.