Summary:
Reveal Risk partnered with a publicly-traded life sciences company that recognized they had high third-party risk but nascent legacy practices to manage it. We built a strategic process to prioritize & evaluate third parties and execute risk-appropriate assessments, maximizing the use of self-service and automation where possible.
Outcomes:
- Conducted external industry analysis, benchmarking, and internal company process strengths and weaknesses to map the current state program and opportunities to progress risk reduction.
- Created a future state of comprehensive but streamlined TPRM processes that rapidly prioritize vendors based upon inherent risk using three process inputs
- Business Risk (evaluate business risk using the Reveal Risk “Business Driven Risk” methodology)
- Project Risk (using a lightweight 6-7 question process)
- Technical Risk (using a 3rd party scoring tool)
- Assisted in implementing the process, training, staff, and accelerating the implementation of a tool
