With their incumbent solution, the team was taking a one-size fits all approach resulting in a costly annual diligence budget and too much time spent on reviewing reports. In addition, the quality was poor leading to low confidence that decisions could be made with real confidence. To ensure due diligence was comprehensively reviewing their risk exposure across global vendors and suppliers, the multinational company decided to engage a new third party management partner.
Initially, the client reallocated their low risk population to Exiger—while maintaining an incumbent provider for the medium and high-risk populations—to leverage Exiger’s DDIQ in order to automate the due diligence on low-risk subjects and manage the cases through Exiger’s third party management platform, Insight 3PM.
After one year of working on the low risk due diligence, Exiger was asked to adopt the due diligence and on-going monitoring of their entire low, medium and high-risk suppliers and franchisees globally, all managed through the Insight 3PM platform.
After delivering consistent high-quality results on the lower-risk third parties, Exiger was asked to take on the full (low to high-risk) third party population to provide diligence and ongoing monitoring. Using Insight 3PM to manage the onboarding, vetting and monitoring of their of their global supplier and franchisee network, the company saved over $750K annually and introduced an effective process to manage the risks associated with their business partners.
Insight 3PM helped the hospitality group run a globally consistent program. In 2019, the company saved in excess of $750K in due diligence costs as a result of the automated risk-based third party management process.