BUSINESS and consumer SERvicES
Rapid selection and implementation of a new technology platform to drive efficiency
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.
- Industry Segment Business and Consumer Services
- Function
Supplier Management- CORE CAPABILITIES
Vendor selection; Technology ImplementationKey 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
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.
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.