LogicManager Case Studies Achieving Risk-Based Third-Party Management in the Financial Industry

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	Achieving Risk-Based Third-Party Management in the Financial Industry LogicManager

Achieving Risk-Based Third-Party Management in the Financial Industry

LogicManager

Technology Category	Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Regulatory Compliance Monitoring Supply Chain Visibility
Services	Cloud Planning, Design & Implementation Services System Integration
Challenge	The bank, headquartered in the southern United States with more than 255 locations across the country, was facing challenges in managing third-party risk. Prior to partnering with LogicManager, the bank was using multiple third-party point solutions to manage their vendors, which resulted in poor integration, communication issues, and a lot of manual work to maintain accurate data and reports. The bank had recently undergone two mergers that doubled its size to over $20 billion in assets, and the corporate risk team grew from 12 people to 150 people in approximately 24 months. This rapid growth and expansion posed significant challenges in terms of due-diligence and data integration. The bank was relying on multiple processes and systems including Excel, SharePoint, and another external third-party management solution, which were inefficient and prone to errors. Read More
About Customer	The bank is a large financial institution headquartered in the southern United States. It has more than 255 locations across the country and offers a wide range of personal and business banking services. The bank is committed to providing convenience and safety to its customers while helping them achieve their financial goals. As of 2017, the bank had over $20 billion in assets. The bank had recently undergone two mergers that doubled its size to over $20 billion in assets. The bank’s corporate risk team grew from 12 people to 150 people in approximately 24 months. The bank's rapid growth and expansion posed significant challenges in terms of due-diligence and data integration. Read More
Solution	The bank partnered with LogicManager to design and implement a solution to advance their third-party risk management (TPRM) program. LogicManager’s third-party risk management capabilities enabled the bank to efficiently manage the many moving parts of this bank-wide program: ever-changing third-party inventory of products and services under contract, ownership of these relationships, due-diligence steps and gaps, tracking contract renewal and SOC report dates, classifications of confidential information and consumer compliance considerations within each third party, collecting service level agreement data from business units, and reporting trigger events and issues associated with the vendors. The bank was able to eliminate virtually all ancillary processes utilized for tracking, review, reporting, and risk assessments by implementing LogicManager’s connected platform. The bank was also able to re-direct IT investments spent on the former point solution to adding staff within TPRM and to information security and financial viability monitoring services. Read More Log in to view content
Contents

Technology Category

Platform as a Service (PaaS) - Data Management Platforms

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Regulatory Compliance Monitoring

Supply Chain Visibility

Services

Cloud Planning, Design & Implementation Services

System Integration

Challenge

The bank, headquartered in the southern United States with more than 255 locations across the country, was facing challenges in managing third-party risk. Prior to partnering with LogicManager, the bank was using multiple third-party point solutions to manage their vendors, which resulted in poor integration, communication issues, and a lot of manual work to maintain accurate data and reports. The bank had recently undergone two mergers that doubled its size to over $20 billion in assets, and the corporate risk team grew from 12 people to 150 people in approximately 24 months. This rapid growth and expansion posed significant challenges in terms of due-diligence and data integration. The bank was relying on multiple processes and systems including Excel, SharePoint, and another external third-party management solution, which were inefficient and prone to errors.

About Customer

The bank is a large financial institution headquartered in the southern United States. It has more than 255 locations across the country and offers a wide range of personal and business banking services. The bank is committed to providing convenience and safety to its customers while helping them achieve their financial goals. As of 2017, the bank had over $20 billion in assets. The bank had recently undergone two mergers that doubled its size to over $20 billion in assets. The bank’s corporate risk team grew from 12 people to 150 people in approximately 24 months. The bank's rapid growth and expansion posed significant challenges in terms of due-diligence and data integration.

Solution

The bank partnered with LogicManager to design and implement a solution to advance their third-party risk management (TPRM) program. LogicManager’s third-party risk management capabilities enabled the bank to efficiently manage the many moving parts of this bank-wide program: ever-changing third-party inventory of products and services under contract, ownership of these relationships, due-diligence steps and gaps, tracking contract renewal and SOC report dates, classifications of confidential information and consumer compliance considerations within each third party, collecting service level agreement data from business units, and reporting trigger events and issues associated with the vendors. The bank was able to eliminate virtually all ancillary processes utilized for tracking, review, reporting, and risk assessments by implementing LogicManager’s connected platform. The bank was also able to re-direct IT investments spent on the former point solution to adding staff within TPRM and to information security and financial viability monitoring services.

Impact #1	Better communication across business units and between TPRM staff
Impact #2	Less time devoted to data/document management and reporting
Impact #3	Redirecting their time to on-boarding and monitoring critical IT providers

Impact #1

Better communication across business units and between TPRM staff

Impact #2

Less time devoted to data/document management and reporting

Impact #3

Redirecting their time to on-boarding and monitoring critical IT providers

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Overview

Achieving Risk-Based Third-Party Management in the Financial Industry

Operational Impact