UK Private Bank choose ViClarity for Third-Party Risk O

UK Private Bank choose ViClarity for Third-Party Risk Oversight

June 11, 2024

The implementation of GRC software not only improved operational efficiency but also bolstered the bank’s risk management capabilities.

Automated Third Party risk oversight drives efficiencies

Like many industries, the banking industry has faced increased pressure to enhance supplier oversight processes to align with the expectations of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). 

According to the FCA, ‘If a third-party provider supporting or delivering your important business services fails to remain within impact tolerance, you should remember that the failure to remain within impact tolerance is your responsibility.’

With this in mind, many banks are now searching for automated solutions to help enhance supplier oversight. This case study details one bank's journey to move away from labour-intensive manual processes.


Finding a software that satisfied the banks requirements

The bank’s supplier oversight function was bogged down by inefficient manual processes, which hindered its ability to promptly address regulatory requirements and manage supplier risks effectively. The need for a robust system to monitor and manage supplier relationships in real-time became paramount to meet the FCA’s stringent guidelines.

After thoroughly evaluating multiple available solutions, the bank chose ViClarity, a leading automated governance, risk, and compliance (GRC) solution provider. ViClarity’s platform promised to enhance visibility, streamline workflows, and ensure comprehensive compliance with FCA & PRA regulations. The implementation process involved tailoring the platform to include specific regulatory compliance checks and risk management protocols as required by the regulators.

The Added Value of Automation

The bank reported a large reduction in the time spent on supplier oversight tasks due to automated workflows, corrective actions and real-time monitoring capabilities provided by the ViClarity software. The platform provided a centralised view of all supplier-related risks, allowing the bank to proactively address potential issues. Real-time reporting and dashboards offered greater transparency into supplier performance and compliance status.

The implementation of ViClarity not only improved operational efficiency but also bolstered their risk management capabilities, ensuring a robust compliance framework.

Click Here to learn more about our GRC offering for the banking and financial services sectors.



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