The Very Group, the world's largest home shopping provider, sells over 2,000 brands and offers flexible payment options. With a supplier network of over 800 organizations, they faced risks from their supply chain and technology infrastructure.
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The challenges Very were facing:
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Outdated due diligence practices which involved the distribution of questionnaires to suppliers via email.
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Manual task management which was accounting for 25% of the team’s time.
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The need for purpose-built, best practice-aligned workflows to optimize Vendor Risk Management processes.
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A lack of visibility on existing TPRM processes, and looking for intuitive reporting.
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Existing risk platforms not able to provide configurability to enable their Vendor Risk Management solution to be tailored to meet specific needs
Transformation of Third-Party Risk Management processes
SureCloud worked with The Very Group to identify and address inefficiencies within their operations
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Reduced administration costs
Our team designed a highly automated vendor assurance program, requiring significantly less manual intervention from the Very team.
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Improved vendor experience
Very implemented a centrally-managed and automated third-party assurance program which delivers optimized questionnaires to all suppliers.
These question sets were designed to eliminate ambiguity and repetition, and to obtain the quantitative and qualitative information needed.
The SureCloud platform was leveraged to facilitate all Vendor Risk Management workflows and reporting
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SureCloud’s Vendor Risk Management solution enabled The Very Group to:
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Secure and centralize their Vendor Risk Management data storage, to achieve a single source of truth.
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Redesign optimized question sets, based on their existing spreadsheet-based questionnaires.
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Define a structured third-party risk management lifecycle for managing and monitoring relationships.
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Administer custom questionnaires to their key suppliers and orchestrate responses.
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Move away from manual tooling and outdated working practices.
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Provide instant reporting of all Vendor Risk Management activities.
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Leverage the SureCloud platform to enable optimized and intuitive workflows.
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Achieve real-time insights into their levels of vendor risk assurance, via SureCloud’s insightful dashboards.
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Enhance insights and eliminate data siloes by integrating their Vendor Risk Management program into their overall GRC activities.
SureCloud’s Vendor Risk Management solution enabled The Very Group to:
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Secure and centralize their Vendor Risk Management data storage, to achieve a single source of truth.
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