Third Party Risk Management (TPRM)

Third Party Risk Management (TPRM)

Technology : ServiceNow
Client : Global Banking Group

Introduction

In an era where regulatory scrutiny and operational risks are intensifying, a leading global banking group sought to enhance its Third Party Risk Management (TPRM) processes. The bank partnered with Waivgen to leverage the ServiceNow platform, aiming to bolster third party compliance and operational efficiency.

Challenges Faced

The bank’s TPRM processes were marred by several challenges, including:

• Manual Processes: Reliance on manual workflows led to inefficiencies and increased the risk of errors.
• Data Silos: Fragmented data across various departments hindered a unified view of third-party risks.
• Regulatory Compliance: Ensuring compliance with evolving regulations was a constant challenge.
• Limited Visibility: Lack of real-time insights into third-party engagements and risk factors.

Innovative Features of the Solution

State of the art platform to address these challenges, incorporating several innovative features:

• Waivgen is providing key offshore engineering capability and a crucial role in the delivery alongside ServiceNow SMEs to implement a solution leveraging the Third-Party Risk Management module of ServiceNow.
• This is a new module offering from ServiceNow and is currently in product development at the same time as it is being implemented. A challenging scenario implementing a module whilst it is still evolving.
• Waivgen has been trusted with key elements of implementation of ongoing maintenance in 2025 and beyond.

Benefits Achieved

The deployment of the ServiceNow-based TPRM solution seeks to deliver several tangible benefits to the banking group:

• Enhanced Efficiency: Automated workflows significantly reduced manual effort, leading to faster and more efficient TPRM processes.
• Reduced infrastructure costs and maintenance with on-premises implementation.
• Accelerated time-to-market for changes.
• Feature-rich supplier portal.
• Lower risk of customization-related issues.
• Reduced technical debt.
• Improved efficiency for tech support and operations teams.

Conclusion

Waivgen’s banking domain experience and expertise places us in a unique group of engineering services organizations who can blend our domain and technology expertise on the ServiceNow platform. Waivgen is fast growing as a leading option for ServiceNow implementations.