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Satori orchestrates change; we deliver insight, add clarity and align business objectives to yield results. We go beyond the obvious and search for innovative solutions, working side-by-side with our clients to implement them.

Increasing the adoption of vendor management controls

We helped our client achieve widespread buy-in to new policies and procedures for governing vendor risk, improving the management of over 15,000 third party providers.

The Situation

A financial services leader had established a Global Vendor Management Office (VMO) to provide firm-wide governance and guidance regarding new policies and procedures for managing third-party provider risk. In support of the office, the client needed to conduct training and communication initiatives that would improve employee awareness, adoption and compliance with new requirements.

The Satori Solution

A critical success factor for improving adoption of a new initiative is securing employee commitment, which requires building awareness and understanding. We created a comprehensive, multi-year training curriculum that clarified expectations and enabled employees to build the requisite skill set. We also developed a training program that increased the early identification and remediation of third party provider risks, and introduced metrics that increased executive visibility into levels of compliance with the new standards. Finally, we led a review and refinement of the VMO's website, improving its functionality and clarifying the presentation of complex vendor management concepts, policies and processes.

The Results

Our contributions to the client's Vendor Management Program significantly increased firm-wide knowledge of the new requirements governing the selection and management of third party providers. Furthermore, the flexibility and scalability of our solutions will easily accommodate future changes to our client's approach to third party provider risk.