Managing Third-Party Supplier Risk in the Financial Services Industry
Understanding supplier criticality to ensure effective business continuity planning
This leading financial services firm shares how it utilizes the Fusion Framework® System™ to better manage supplier resiliency and ensure total business operability in the face of disruptive scenarios.
The Challenge
This leading financial services firm had previously siloed business continuity processes, where different suppliers were handled by separate risk professionals. Unified business continuity planning was difficult to achieve, and communication to senior stakeholders about the criticality of supplier services was limited. The company required an agile and unified risk management process that allowed complete stakeholder visibility and actionable continuity planning relative to supplier criticality.
Fusion’s dashboards allow us to shift our mindset away from just having a ‘good’ response to disruption and instead towards baking resiliency into our ‘business as usual’ processes to avoid severe but plausible supplier disruption scenarios.”
– VP, Resilience MIS Analytics Leader
Fusion’s Solution
Fusion enabled this financial services firm to unify its business continuity and disaster recovery programs by helping the company implement a streamlined and robust supplier risk management program. Fusion’s visual dashboards ranked the company’s suppliers by criticality and outlined the continuity plans for each, allowing the company’s risk professionals to easily highlight, predict, and plan for plausible risks to senior stakeholders. The company has been able to harness the power of these customized insights to better manage supplier resiliency and ensure total business operability in the face of any disruptive scenario.
Key Takeaways
- Unifying supplier risk management
The organization consolidates previously siloed processes into a cohesive framework, enabling consistent and coordinated oversight of supplier risk.
- Enhancing stakeholder visibility
Improved communication and centralized insights provide senior stakeholders with a clear understanding of supplier criticality and associated risks.
- Prioritizing supplier criticality
Suppliers are effectively ranked based on their importance to business operations, enabling targeted continuity and recovery planning.
