Enterprise Risk & Compliance
Third Party Risk Management
Generating Enterprise Risk and Compliance Impact
Against a backdrop of growing risks from internal and external factors - from employees and suppliers, data breaches, natural disasters - and longer and more complex supply chains and increasingly onerous regulations, traditional controls and safeguards are being stretched to the limit. Genpact provides companies with responsive and proactive third-party risk management (TPRM) operations that identify, assess, mitigate, and respond to the prevalent third-party risk.
Genpact's TPRM solution draws on its Lean DigitalSM approach that harnesses design-thinking methods, Lean principles, digital technologies and analytics, and deep domain expertise.
This modular, comprehensive vendor risk management service leverages Genpact's unique analytical, reporting, and risk management expertise, while consolidating information from multiple external and internal data sources. Together with a tightly focused set of digital solutions, such as natural language processing, machine learning, advanced analytics, and enhanced visualization, the methodology provides companies with unprecedented insight into the complexities of third-party risk.
Our services include:
- Current state assessment and gap analysis based on leading practices
- Development of policy and procedures for the gaps identified
- Technology selection and optimization
- Captures key information such as contact, markets served, product information, etc.
- Pulls data from authenticated public sources and third parties
- Screens third parties on sanctions, embargo list, stated-owned companies, politically exposed personas, negative media, and related risks
- Combines multiple data feeds, including public information
Financial risk assessment
- Assessment of third parties' financial stability to sustain/support continuous and scalable operations with adequate quality
- Employs state-of-the-art scoring software with regular updates
- Detailed risk assessment of specified risk parameters through workflow tools
- Reduces cycle time with intelligent questionnaires and detailed industry domain knowledge
- Runs third-party audit programs across operational, information security, and compliance risk, etc.
- Supports remote or on-site approach to reduce cycle times and to formulate results-oriented action plans
Dashboards and risk scorecards
- Offers in-depth third-party risk reports
- Custom dashboards with near real-time updates and end-to-end process visibility
How Genpact significantly improved a client’s financial services compliance
A global financial services firm struggled to address complex regulatory demands as it did not have an end-to-end risk management program to cover over 15,000 third parties.
Genpact designed a comprehensive TPRM framework that included controls assurance, audits, and risk remediation plans with ongoing monitoring in a series of simple, responsive dashboards.
As a result, the firm increased its internal TPRM compliance rate from 40% to 90% in less than a year and slashed compliance costs by half.
A global pharmaceutical addresses the ethical dimensions of supply chain management
To comply with local and international regulations, a pharmaceutical giant needed to reimagine its approach to assessing the working practices of thousands of third-parties around the world.
Genpact defined and executed a scalable, five-step process for assessing third parties against the company’s standards of excellence supported by metrics, data-driven process management and technology.
As a result, the company has increased coverage to assess close to 100% of third parties and cut assessment times by up to 40%.