CASE STUDY
Simplify & Accelerate Vendor Risk Management with ServiceNow
Transformed the Way A Fortune 500 Insurance Company Managed Vendor Risks
Industry | Insurance
Location | USA
Technology | ServiceNow
Client Customers | 20+ Million
Company Size | $56.9 Billion, 46,000 Employees
A Fortune 500 insurance company was having a challenging time with manual approval processes and a colossal amount of paperwork while onboarding vendors. The vendors spent a lot of time answering questions, which the insurance company manually reviewed. The legacy systems also made it challenging to prepare real-time risk scores and respond to various regulations with ease.
Royal Cyber partnered with the insurance company to simplify their vendor risk management processes and enable the staff to focus on tasks that deliver high value. This case study dives into how we implemented ServiceNow Governance, Risk, and Compliance (GRC) and Vendor Risk Management modules to ensure faster onboarding of vendors, automated assessments, and transparent reporting.
Industry | Insurance
Location | USA
Technology | ServiceNow
Client Customers | 20+ Million
Company Size | $56.9 Billion, 46,000 Employees
A Fortune 500 insurance company was having a challenging time with manual approval processes and a colossal amount of paperwork while onboarding vendors. The vendors spent a lot of time answering questions, which the insurance company manually reviewed. The legacy systems also made it challenging to prepare real-time risk scores and respond to various regulations with ease.
Royal Cyber partnered with the insurance company to simplify their vendor risk management processes and enable the staff to focus on tasks that deliver high value. This case study dives into how we implemented ServiceNow Governance, Risk, and Compliance (GRC) and Vendor Risk Management modules to ensure faster onboarding of vendors, automated assessments, and transparent reporting.
Challenges
How We Did It
Key Outcomes
60%
Reduction in survey sizes
66%
Reduction in vendor survey response times
2 Weeks
Vendor interaction time
Delivered
Completed visibility of compliance status
With Royal Cyber’s ServiceNow practice, we have dynamically prioritized and approved project commencement, prepared right schedules, allocated budgets and resources, and ensured that the projects are on track.
$150k
Savings by Retiring Old Systems
Audience
Case Study
Learn how to continuously detect, monitor, remediate, and mitigate vendor risks.
