A multinational insurance company headquartered in Hong Kong
The Client was facing a challenge in addressing risks arising from its third parties and required a comprehensive plan to mitigate these risks. They reached out to Tech AGRIM to define a framework to assess and manage risks emanating from the third parties.
Tech AGRIM with its security expertise and industry knowledge introduced its Cognize™ Framework which defined processes, control framework, risk definition, and Key Performance Indicators covering all aspects of Third-Party Risk Management.
We followed out the following steps for the customer:
Defined and implemented an Integrated Framework on TPRM
Well-defined third-party tier approach
Data-based approach to measure risk arising from 3rd parties
30% reduction in effort and cost towards assessment of 3rd parties