CASE STUDY

Simplify & Accelerate Vendor Risk Management with ServiceNow

Transformed the Way A Fortune 500 Insurance Company Managed Vendor Risks

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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 with ServiceNow modules to ensure faster onboarding of vendors, automated assessments, and transparent reporting.


By downloading this content, you are agreeing to receive communications from Royal Cyber, including our Insights newsletter.




Challenges

Manual Approval Processes

No Centralized System

Manual Vendor Review and Risk Calculation

Difficulty in Tracking Regulatory Updates

How We Did It

Managed Risk and Compliance
Consolidated Vendor Portal
Portfolio Management
Assessment Management
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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

Technology

Chief Technology & Risk Officer

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

  • Executives, CTOs, Director

  • IT Consultants

  • Business Analysts

  • Project Managers

  • IT Project Coordinators

  • Architects and Specialists

Case Study

Learn how to continuously detect, monitor, remediate, and mitigate vendor risks.

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