Generating Banking Impact
Increased regulatory scrutiny has made it imperative for banks to manage third parties closely and identify hidden risks. Genpact offers VGRADE, a comprehensive enterprise third party / vendor risk management system on the GRADE platform to enable financial institutions to monitor, assess and report on vendors, engagements, contracts, and incidents, per the office of the comptroller of the currency (OCC) and federal deposit insurance corporation (FDIC) directives. VGRADE offers engagement risk stratification, vendor, and third-party risk reviews, online weighted due diligence assessments, data provider and bureau interfaces, reports, dashboards and questionnaire management. These robust features help to continuously identify potential gaps and take corrective measures to remediate.
Genpact's VGRADE is a scalable software-as-a-service that supports business-level management of vendor governance, risk management, and compliance (GRC). The platform, ready to use out-of-the-box, can be configured to suit customer requirements and integrated with internal and external systems without coding.
The platform offers the feature to define and automate business processes and rules to manage content, tasks, statuses, and approvals. VGRADE adheres to FDIC, OCC and other regulatory guidelines making compliance easy for customers.
The data visualization layer for self-service reports, dashboards, and multiple pre-built reports enable the customer to get real time updates and better visibility of the onboarding, offboarding and compliance processes. Open application program interface (API) and service-oriented architecture (SOA) allows for the automation of all data into and out of the VGRADE platform to support data sourcing, data integrity, and business intelligence.
VGRADE interfaces risk and general ledger (GL) systems both in and out and works as a central repository for all engagements, bidding, vendors, 3rd, 4th parties, regardless of GL. The platform enables:
- Key sourcing support functions and creation of detailed implementation plans for all components of vendor management which are repeatable and auditable
- Definition of enterprise workflow and rules for smooth on- and off-boarding, performance and contract monitoring thus reducing time spent on vendor questionnaires
- Use of cost-effective global delivery and offshoring of activities with no dilution to operations effectiveness and speed
- Best-in-class audit and analytics reporting to ensure measurable ROI workflow reporting and successful regulatory inquiries
Genpact worked with an international conglomerate to set up a vendor management system for their new banking business. The pre-existing legacy system relied on spreadsheets, emails and portals which made it difficult to manage and did not give the required visibility to the FDIC to assess the complete vendor management program. The client needed the ability to operationalize workflows based on FDIC regulations for engagement and vendor assessments.
VGRADE quickly configured to the bank's projected workflows and supplementary data feeds from general ledger systems to minimize manual interface for the data entry. In three months, the progress was sufficient to ensure the FDIC that a comprehensive program was imminent.
Sample reports included workflow statuses of 6,000 engagements and vendors. Genpact identified all the systems where vendor data was residing, and extracted, transformed and loaded relevant data into VGRADE. All data fields, panels, search fields, table columns were configured quickly as there was no coding required. Users, roles (security) and teams (task workload) were configured to meet individual needs of the client teams.
The implementation included engagement inception, engagement risk assessments, enhanced due diligence on 5 subject areas, tasks configured for teams and individuals as well as canned and self-service reporting on status, wingspan and regulatory subjects.
“Genpact's GRADE team is able to configure and operationalize our workflows faster than we can decide what we want" – sourcing manager at global conglomerate company