There are significant oversight obligations placed on insurers to have the necessary resources and ability to comply. Phinity Risk Solutions has provided support to a major player in the insurance industry, as they embark on the initiative to obtain compliance maturity and ongoing visibility of the risk landscape across third parties.
Phinity Risk Solutions supplied the much-needed digitisation, automation and workflow capabilities to equip this insurance giant with the correct tools to achieve its objectives while accelerating its Third Party Risk Management maturity, efficiently and sustainably.
ENSURE THIRD PARTY COMPLIANCE IN A SHORT PERIOD OF TIME
This insurance organisation was challenged with the task of ensuring third party compliance within a limited period of time. They selected Triplicity from Phinity Risk Solutions to help them achieve the coverage that was required. With Triplicity, our client was able to innovate, accelerate and automate their third-party risk management programme.
“We had a very compressed project timeline and this process typically would have taken 3 years to reach the same level of risk coverage,” says Lee Bristow, Chief Technology Officer for Phinity Risk Solutions, “ the initial project was completed within 4 months and the on-going management is gaining in efficiency and maturity.”
Digitisation is the future of process management. The Phinity Platform goes beyond that and offers our clients the ability to automate, streamline and integrate their risk management tolerance into the core of their business. Providing on-going decision support from the ground up.
The initial success of this project allowed our client the opportunity to buy into further digitisation projects. Phinity is currently helping further the automation of cloud risk assessments.
AUTOMATED THIRD PARTY COMPLIANCE
Gaining a detailed understanding of the third party risk landscape has allowed the organisation the ability to manage risks more effectively, and meet compliance and regulatory requirements.
There are many regulatory changes that are currently affecting the industry, specifically outsourcing, as this is watched very closely by the regulator.
Secondly, with privacy legislation, the risk of personal information being processed by a third party increases the requirements for oversight, compliance visibility, and management capability of this growing risk.
“Our client needed to expand, automate, and grow their risk management capability to assess information, business continuity and compliance risks of their third parties. The solution needed to be designed, implemented and operationalised within a very short period of time in order to meet industry and business expectations. As Phinity is standard agnostic, we can configure the platform according to the needs of any industry,”
“The Phinity team worked closely with the client to design the most appropriate mix of detail, compliance, and review processes to meet all of the requirements in the time provided.” says Lee Bristow.
FAST TRACK TPRM MATURITY OF RISK PROCESSES
The risk assessment processes provided by Phinity allowed this insurance organisation to assess a larger number of third parties in a shorter period, while increasing efficiencies through real-time reporting and automation.
Triplicity tracked completeness of these assessments and completion rates, as well as provided key data metrics required to track the risk processes. As a result, the Phinity Platform provided real-time reports regarding the risk and compliance states of the third parties along with all supporting documentation, where required.
The result being greater visibility into potential third party risks in a much shorter time period. This gave our client the power to make the most informed decisions that support their business objectives.