ATLAS SUCCESS STORY – THIRD PARTY RISK MANAGEMENT
Major US bank transforms vendor governance program
Atlas helps to introduce an efficient, rule-driven approach
A large Midwestern bank in the US was on an acquisition spree, with continuous increases in the vendor base. Their existing third-party risk management (TPRM) solution did not deliver strong operational efficiency or support adherence to FFIEC guidelines. The client was looking for an integrated, rule-driven solution to automate workflows and reporting – as well as a partner to provide domain expertise and guide them through best practices.
With its expertise in TPRM and vendor governance, Atlas offered:
- A version of its ComplyScore platform customized to the customer’s business needs
- Domain expertise and industry best practice guidelines in implementing the solution and managing the program
- The ability to create a single source of data.
In the end, Atlas was able to:
- Segment the client’s vendor population in risk tiers and eight other groups
- Scale the program without increasing staff
- Help the bank meet all regulatory guideline
- Offer good oversight, eventually reducing risk and increasing compliance
- Help double the governance capacity in a short span of time, reducing overheads
- Absorb new pools of vendors from acquired entities
