THE CHALLENGE
A young real estate services company was growing at an extraordinarily fast rate, expanding its presence and footprint across 10+ jurisdictions, with only a small compliance program to manage increasing risk. The client desired a new, comprehensive solution that would create a programmatic approach to their third-party management and could align with the company’s growth objectives over time.
THE SOLUTION
Exiger was retained to help design the compliance workflow, risk assessment methodology, and deployment of a technology tool that facilitates global risk identification and due diligence.
Exiger initially assisted with onboarding and enhanced due diligence of only high-risk vendors and landlords. Thanks to the program’s effectiveness, Exiger’s Insight 3PM eventually scaled to facilitate the onboarding and monitoring of several other low-, medium- and high-risk third parties related to special projects, partnerships, tenants and more.
The solution has rapidly expanded its reach, with 20,000+ third parties and 150+ internal users on the platform, to support the company’s multijurisdictional growth since the technology was implemented in March 2018.
THE IMPACT
The client now has a comprehensive compliance program that has scaled with the business’ needs. By replacing more expensive due diligence reports with automated and hybrid reports, the company reduced its per due diligence cost by 80%. Since the client implemented the technology, their due diligence costs have decreased and third-party onboarding times have a significantly accelerated.
