IoT Implementation in Risk Management: A Fortune 500 Multinational Corporation Case Study
Technology Category
- Platform as a Service (PaaS) - Application Development Platforms
Use Cases
- Behavior & Emotion Tracking
- Leakage & Flood Monitoring
About The Customer
The customer in this case study is a Fortune 500 multinational corporation. This corporation operates on a global scale, dealing with a wide range of vendors and suppliers. The company was previously using a one-size-fits-all approach to risk management, which was proving to be inefficient and costly. The corporation was seeking a more effective and efficient solution to manage their risk exposure, particularly in relation to their global vendors and suppliers. The company's goal was to reduce costs and time spent on due diligence while improving the quality and reliability of their risk management processes.
The Challenge
The Fortune 500 multinational corporation was facing a significant challenge with their existing risk management solution. The one-size-fits-all approach was proving to be costly and time-consuming, with the team spending an excessive amount of time reviewing reports. The quality of these reports was also poor, leading to a lack of confidence in the decisions being made. The company was seeking a comprehensive review of their risk exposure across global vendors and suppliers, and thus decided to engage a new third party management partner. The goal was to find a solution that could provide high-quality, reliable results while reducing costs and time spent on due diligence.
The Solution
The corporation initially reallocated their low-risk population to Exiger, a third-party management partner, while maintaining their incumbent provider for the medium and high-risk populations. Exiger's DDIQ was used to automate the due diligence on low-risk subjects and manage the cases through their third-party management platform, Insight 3PM. After a year of successful operation on the low-risk due diligence, Exiger was asked to adopt the due diligence and on-going monitoring of the entire risk spectrum of suppliers and franchisees globally. The Insight 3PM platform was used to manage the onboarding, vetting, and monitoring of the global supplier and franchisee network. This new approach resulted in significant cost savings and introduced an effective process to manage the risks associated with their business partners.
Operational Impact
Quantitative Benefit
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