Third-Party Risk Management Solution Case Study

This case study documents the implementation of OneAdvanced's Third-Party Risk Management (TPRM) solution, which integrates supplier risk management, contracts, and supplier performance into a single platform. The objective is to improve visibility and streamline supplier onboarding processes that often face challenges due to fragmentation and lack of coordination among various teams. The study outlines how the solution addresses issues such as duplicated assessments, slow approval times, and missing supplier inventories, which contribute to unmanaged risks. Metrics from the implementation indicate significant reductions in onboarding time, resource requirements, and enhanced due diligence practices. After six months, onboarding was reduced from five months to under 30 days, and the number of risk assessments completed drastically increased, achieving a 75% reduction in resources needed to manage the process. The case study emphasizes the need for a comprehensive approach to TPRM, highlighting the benefits of a unified system for managing supplier risk throughout the entire lifecycle.