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Case Study: 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

Client

A multinational insurance company headquartered in Hong Kong

Business Imperative

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.

Tech AGRIM Solution

We followed out the following steps for the customer:

  • Setup of a TPRM Framework
  • Alignment to industry standards
  • Integration with third-party risk data sources such 3rd party security feeds, financial rating (such as Dun & Bradstreet), compliance scorings and ERM processes
  • Third and vendor tiering approaches based on engagement and information managed by 3rd parties
  • Setup of assessment processes
  • Ongoing assessment and reporting
  • Definition of risk mitigation strategies
  • Follow up on remediation action
  • Onsite assessment of tier 1 third parties
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Benefits

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Defined and implemented an Integrated Framework on TPRM

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Well-defined third-party tier approach

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Data-based approach to measure risk arising from 3rd parties

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30% reduction in effort and cost towards assessment of 3rd parties