ISG helps a banking, financial services and insurance (BSFI) company transition to a new operating model, improving its efficiency and ensuring regulatory compliance.
A leader in the financial services market embarked on a journey to fundamentally transform their supplier management process. The company struggled with responding to the growing third-party risk demands of its banking clients, largely driven by rapidly evolving regulatory requirements. With the threat of skyrocketing operational costs and increased regulatorily pressure the company decided to renovate their end-to-end contract lifecycle management process and vigorously address the risk demands of its clients and regulators. The company realized it needed assistance with adopting a future-state operating model that addressed required skills, tools, processes and governance. Because of this, it engaged ISG.
Imagining IT Differently
ISG leveraged its patented intelligent contract management platform and extensive supplier governance expertise to transform the company’s end-to-end supplier lifecycle operations.
ISG’s solution elegantly coupled the efficiencies of leading-edge contract lifecycle management with advanced system interfaces to ensure that all risks associated with each supplier engagement was managed in a manner commensurate with the nature of the services that were being provided.
ISG tailored the solution to seamlessly align and feed the company’s governance framework with information need to support decision making at each step in the supplier lifecycle.
Future Made Possible
- The company achieved improved operational efficiency and time-to-onboard for its contracts by 50 percent, thus significantly reducing business stakeholder frustration associated with onboarding new engagements.
- Its improved process performance has positively impacted multiple functional areas, including legal, vendor management, data privacy information security, corporate compliance and business resilience to name a few.
- The solution also addressed risk reduction; the company is now able to ensure all contracts are compliant with company and regulatory risk standards for each of its 19 distinct risk domains.
- It achieved improved robustness for addressing new regulatory requirements associated with managing the company’s extended ecosystem.