Optimizing Risk Management Business Capabilities
Challenges
A global provider of domain names and internet security desired to mature its third-party risk management business capability to improve risk assessment accuracy, reduce manual coordination, manage vendor responsiveness, and automate process status communications.
Tasks such as data entry, documentation management, and report generation were automated, reducing the need for manual intervention and streamlining the overall process.
Solutions
To support the customer’s maturation of its TPRM business capability, Windward fully implemented the ServiceNow TPRM solution through:
- Meeting with relevant technical and business stakeholders to understand the customer’s current TPRM state.
- Cooperatively developing business and technical TPRM requirements. Installing and configuring ServiceNow (“SN”) TPRM.
- Standing up the Vendor portal for their third party partners.
- Revising relevant SOPs and other artifacts to reflect the updated processes.
- Customizing automatic notifications to requestors
Results
The automation of manual tasks previously performed within the customer’s TPRM process:
Tasks such as data entry, documentation management, and report generation were automated, reducing the need for manual intervention and streamlining the overall process.
Seamless online collaboration on risk assessment questionnaires with vendors:
The customer could easily distribute and collect risk assessment questionnaires electronically, eliminating the need for manual paper-based processes.
Heightened rigor in third-party risk assessments:
This was conducted by the customer by standardizing risk assessment processes and providing a centralized repository for risk-related information.
Increased efficiency within the risk management processes by prioritizing organizational attention based on risk tiers:
By categorizing vendors according to their risk level and prioritizing resources and efforts accordingly, the customer was able to focus its attention on managing high-risk vendors and critical areas of concern.
Empowered the customer to limit risk exposure and swiftly address risk issues as they arose:
By providing real-time access to risk-related information and enabling proactive monitoring and tracking of risk indicators, this allowed them to identify and respond to emerging risks promptly.