Vendors often handle the most sensitive data. This presents security and privacy challenges as third-party risk teams struggle to vet and manage the vendors that have access to the core operational aspects of the business. We helped our client by building a platform that adds value to the vendor inventory by enabling faster assessment with risk mitigation workflows, ongoing monitoring, and powerful reporting to manage the entire vendor engagement lifecycle, from on-boarding to off-boarding.
The challenges faced by us in this project was to build the platform in a manner that it is easily operable by both the operations personnel who would be dealing with the day-to-day tasks and data entry, the senior management who would be the primary consumers of the tailored analytics and insights derived by the platform as well as coordinate with the finance, risk and audit teams while playing well within the existing framework of the operations process. The numerous parameters that need to be taken into consideration in the logistics world, to help with optimization and to work with those in a scalable fashion was one of the challenges we faced while architecting the platform.