Third Party Risk Management
Our customer is a $ 18 B Multinational entity manufacturing Heating, Ventilating, and Air-conditioning systems. The clients needed to protect against third party risk and streamline a comprehensive program to protect against these risks.
The Challenge
Third party digital risk processes operated as silos, didn’t effectively address the use of cloud services, and inhibited business innovation and agility. Managing risk while supporting digital transformation became a major challenge when engaging third parties. This challenge was visible throughout the senior leadership community.
Our Solution
DivIHN collaborated with the customer to modernize the end-to-end third-party digital risk management process. This includes enhancing request intake, risk triage, due diligence, onboarding, surveillance, and offboarding process to manage privacy and security risk. DivIHN consultants automated workflow, integrated services to establish a risk profile of each supplier, updated contractual language to contain risk, and extended processes to stakeholders throughout the organization.
Highlights
The results of the engagement included:
- Clarity and significant reduction of third-party risk
- Ability to assess supplier risk in a timely manner
- More effective vetting of SaaS providers
- Removal of inhibitors to business progress