Every organization is dependent on multiple third parties or vendors such as suppliers, service providers, consultants and the likes for various services and solutions. Therefore, they are vulnerable to the risk of the third parties’ failure to meet the product or service standards, which further leads to the failure of meeting their end-customer commitments. In addition to addressing these risks, organizations are also expected to manage and mitigate other third-party risks such as bribery and corruption, data privacy, sanctions and environmental damage, among others.
WNS' Third-party Risk Management (TPRM) service offering has been designed to cater to the specific tasks associated with mitigating vendor risks. The services combine our expertise in vendor management with experience in conducting identity and background checks for commercial and corporate entities across financial, regulatory and business aspects. To facilitate the overall process, WNS also offers a proprietary Know Your Vendor (KYV) tool with built-in functionality for vendor assessment and scoring, by leveraging global databases to gather vendor insights.
- Vendor Onboarding – Information assessment for accuracy and completeness
- Vendor Screening – Verification of vendor details on third-party databases
- Analysis – Analysis of vendor financials, contractual and identity information to establish potential red flags
- Ongoing Support – Regular monitoring and reporting of vendor credentials to clients