How a Global Reinsurance Company Modernized Third-Party Risk Management with Real-Time Intelligence
Case Studies
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Introduction
A global reinsurance company based in EMEA operates in one of the world's most risk-sensitive industries. When catastrophic events occur, claims can exceed $10 billion within days. During one of the sector's most challenging years on record, the company needed to modernize how it managed third-party risk.
The existing approach wasn't scaling. Manual questionnaires consumed significant time but provided limited visibility into emerging threats. The team needed a way to proactively identify risk across their growing vendor portfolio without adding headcount or drowning in low-value alerts.
The Challenge: Manual Processes, Limited Visibility
The company's third-party risk management program relied on processes that couldn't keep pace with the complexity and volume of risks they needed to monitor.
The gaps:
Manual questionnaires limited scalability. Risk assessments depended on time-consuming questionnaires that couldn't cover the full vendor portfolio effectively.
Insufficient data for informed decisions. The team lacked the granular intelligence needed to tailor questionnaires to specific vendors or confidently remove low-risk third parties from the risk register.
Limited visibility into critical risk areas. Existing tools didn't provide adequate coverage of ESG, compliance, or location-based threats.
Delayed awareness of emerging threats. Without real-time alerting, the team learned about ransomware incidents, data breaches, and other critical vulnerabilities too late to respond effectively.
The Solution: Continuous Monitoring across Multiple Domains
The company implemented Supply Wisdom to move from periodic, manual assessments to continuous monitoring across their full vendor portfolio.
Comprehensive risk coverage
Supply Wisdom monitored cyber, ESG, operational, compliance, financial, and location risk across the vendor portfolio. This multi-domain coverage gave the team visibility their existing tools couldn't provide.
Real-time alerting on critical threats
The platform delivered immediate alerts on ransomware incidents, data breaches, and major vulnerabilities affecting vendors. This enabled faster response and reduced exposure to emerging threats.
Data-driven questionnaire strategy
Supply Wisdom's intelligence allowed the team to focus questionnaires on the most relevant risks for each vendor and confidently remove low-risk third parties from the risk register when appropriate.
The platform provided the visibility and efficiency needed to manage third-party risk at scale without overwhelming the team.
The Results: Better Visibility, Faster Response
Identified vulnerabilities in real time
Continuous monitoring and immediate alerts helped the team detect and respond to potential threats as they emerged rather than discovering them weeks later through manual reviews.
Comprehensive coverage across risk domains
Monitoring across cyber, ESG, operations, compliance, and location risk provided more complete visibility than existing tools, eliminating blind spots in critical areas.
More efficient use of resources
Supply Wisdom's intelligence enabled smarter use of questionnaires and allowed the team to focus attention on vendors that actually warranted it, improving program efficiency without adding headcount.
Manual questionnaires can't keep pace with the volume and velocity of third-party risk in complex industries. Supply Wisdom gave this global reinsurance company the continuous, multi-domain intelligence needed to manage vendor risk at scale. The result: Better visibility, faster response to threats, and a more efficient risk management program. |
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