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

How can Atlas help you leverage TPRM expertise and advanced technology to stay a step ahead of vendor governance challenges?