Vendor Risk Assessment Support

Overview

Banks deals with a variety of vendors as their niche offerings help the bank expand their customer base and ensure smooth business operations. However, there are risks involved when using third party services. Given this backdrop, regulators have expanded their guidance on the risk assessment of vendors and are mandating increasingly stringent documentation from banks at the planning, due diligence, contract, and monitoring phases.

We understand the challenges that banks face when evaluating vendor risks (such as infosec risk, compliance risk, and reputational risk) and coordinating with internal stakeholders and vendors. We leverage our expertise in risk management to support banks’ vendor risk assessment functions including complete risk assessment for new onboarding as well as ongoing monitoring.

Who we serve

Corporate and Investment Banks
Commercial and Regional Banks
Credit Unions

Support we offer in Vendor Risk Assessment

Due Diligence

Conducting due diligence in vendor selection
Determining material risks related to vendors

Document Collection

Coordinating with vendors for documents such as SOC, BCP/DR plans, insurance
Certificates, and financial statements
Ensuring timely completion of vendor reviews

Vendor monitoring

Owning the entire vendor monitoring process
Assessing inherent and residual risks
Complying with all regulatory and contractual requirements

Regular surveillance

Tracking negative media coverage regularly for both the vendor and the primary person
Monitoring class action lawsuits, and regulatory proceedings

Automation and workflow management platforms

Aura - Automated Financial Data Extractor

Powerful financial data extraction and standardisation tool backed by strong artificial intelligence (AI)-/machine learning (ML)-based training algorithms.

Request a Demo

Aura - Automated Financial Data Extractor

AI-/ML-based training models/algorithms learn the way you append data and updates financial taxonomies automatically at the back end

Best-in-class lookback referencing functionality that empowers auditors

Acuity Agent Fleet

Unveiling Acuity Agent Fleet, a deep domain specific Agentic AI platform for Banks, Asset Managers, and Private Equity houses

Explore Now

How we are different

COMPREHENSIVE RISK ASSESSMENT FOR VENDOR RISK MANAGEMENT

Support across new onboarding as well as regular monitoring

FINANCIAL SERVICES DOMAIN EXPERIENCE

23 years of extensive experience gained from working with 400+ financial clients globally as a best-in-class KPO firm

SCALABLE PARTNER

Strong track record in scaling client engagements for different tasks across the vendor risk assessment functions. Ability to utilize strategic delivery locations and strong recruitment functions for flexible and niche resourcing