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BUSINESS and consumer SERvicES

Rapid selection and implementation of a new technology platform to drive efficiency​

A global compliance team was struggling with an outdated Third-Party Risk Management (TPRM) system that lacked flexibility, reporting capabilities, and workflow integration. To future-proof their compliance function, they needed a more effective solution to manage third-party screening and due diligence across seven countries.

BeyondFS stepped in with our rapid vendor selection methodology, guiding the client through a streamlined process to identify and implement a best-in-class TPRM platform within four months. We then led the eight-month implementation, designing customised workflows, managing risk assessments, and ensuring a smooth transition across all business units.

The result was a seamless migration ahead of schedule, delivering significant cost savings and a robust, scalable solution that greatly enhanced the client’s risk management capabilities. 
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  • Industry Segment Business and Consumer Services
  • Function
    Supplier Management
  • CORE CAPABILITIES
    Vendor selection; Technology Implementation

Key outcomes delivered

  • Full RFP process and decision completed in 4 months.

  • A saving of £1m through negotiating fees across contract value.
  • Implementation and rollout across 7 countries, including integrations with existing platforms.
 

 

Results

Vendor selection
4Months

Vendor selection completed in 4 months

Saving
£1million

Cost saving across contract value

Geography
7countries

Successful rollout across 7 countries

Challenge

A multinational Service Business's compliance team was struggling to manage a wide range of business clients and external suppliers across business units in six countries. Their existing Third-Party Risk Management (TPRM) solution had been identified as a key risk area due to its lack of reporting functionality and flexibility, and absence of seamless workflow or front-end configuration capability.

The client needed to replace this system to improve usability and future-proof their compliance function with effective screening and due diligence activities.

Approach

BeyondFS employed our rapid vendor selection methodology, working with the client to develop a comprehensive RFP and manage the selection process. This included constructing a detailed requirements scorecard, scheduling system demonstrations, and facilitating commercial discussions.

Engaging teams across seven countries, we refined the shortlist to a single vendor within four months, saving costs and selecting a supplier with superior functionality, including full online onboarding and relationship management.

After selection, we collaborated with the client and vendor to design each OpCo’s screening and due diligence workflow. We drafted test scripts, supported User Acceptance Testing (UAT), and adjusted workflows as needed.

We then led the eight-month implementation, conducting risk assessments, creating Standard Operating Procedures (SOPs) and training manuals tailored to each OpCo’s needs, and delivering comprehensive training. Additionally, we provided vital integration support for the different Oracle instances at each OpCo and managed the change process to ensure smooth adoption across the organisation.

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A difficult vendor decision

The Successful outcome

The client was able to select a best-in-class TPRM platform and complete the migration from their old system ahead of schedule. The business units successfully transitioned onto the new platform and began using customised workflows tailored to their specific requirements.

Our rigorous vendor selection methodology resulted in significant cost savings and greatly enhanced the client’s risk management capabilities.

Let’s make
change happen

We help financial institutions design and deliver world-class client onboarding and client lifecycle management functions.
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