Helping a commercial bank strengthen its TPRM and partner monitoring
Third-party partnerships can be a double-edged sword for financial institutions. On the one hand, they can enhance a bank's efficiency and profitability. On the other, they can also open the doors to newer reputational and operational risks. As is the case with most institutes, our client dealt with such risks on an ad-hoc basis – a dangerous strategy given the recent increase in economic volatility and regulatory scrutiny. Considering this, the management felt it was time to make the process more organized and proactive. This is how we helped them establish a Third Party Risk Management (TPRM) process that is both less resource-intensive and more secure.