THE CHALLENGE
A large multinational hospitality company engaged Exiger to support their high-volume due diligence needs and significantly reduce the costs those volumes represented. Their incumbent provider was too costly given the volume of third parties the client needed to review, and the reports’ quality was under scrutiny.
To ensure their 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.
THE SOLUTION
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.
THE IMPACT
Insight 3PM helped the hospitality group run a globally consistent program and saved them 50% of their due diligence costs.
