Learn how we helped a regional commercial bank with their TPRM enablement to manage end-to-end vendor risk management process
Overview
A regional commercial bank entrusted us with the enhancement and streamlining of their TPRM program as part of their program maturity initiative.
Requirements/Challenges
The client had their TPRM program built out in Archer, though a lot of their processes were still manual. The Archer platform wasn’t being used to its full potential – the usage was less for process automation and more as a document repository with most of the key processes still being performed outside Archer in spreadsheets.
Solution
Templar Shield worked with the bank’s enterprise vendor risk management team to update their Archer implementation. We incorporated our proprietary TPRM-in-a-Box solution which enabled them to automate their engagement risk assessments, document findings, and diligently monitor high-risk third parties. We incorporated due diligence and risk assessment questions that added efficiencies to pre-contract assessments and simplified reassessments. The vendor tiering was automated based on systematic reviews of vendor documentation and document effectiveness ratings.
Value Proposition/Results
We helped the client become approximately 60% more efficient by automating their TPRM program implementation. Process automation increased user adoption. The team was able to generate executive reporting to visualize the vendor risk profile to determine the reassessment cadence.
Learn how we helped a fortune 100 organization pivot from their compliance-based outlook to a more risk-based approach
Narasimha Kumar Dharanallur
2022