Banking, Financial Services and Insurance

The cost of compliance is a key concern, and the solution involves making more informed choices, driving digital enablement, and strengthening cyber postures.

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Challenges faced by the procurement team

Regulatory Stringency

Upsurge in regulatory stringency in the past more than two decades

The snowballing of legal guidelines has businesses scurrying for market intelligence to meet compliance mandates.

  • Gain deep insights of the legal scenario to make informed decisions to comply with legislation while nimbly responding to market changes and staying profitable
  • Centralize supply-side datasets from across teams and manage quality records to help stakeholders focus on the bigger picture for improved decision-making and data security
  • Make centralized data the basis to compute risk levels for various supply scenarios as well as anticipate and forestall uncertainties
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Lack of Traceability

Lack of asset traceability, resulting in costly regulatory breaches

Money laundering is a serious offense, so failure to clear the air around contentious transactions has implications for banks.

  • Get the insights you need to develop plans and put them into effect to ensure asset traceability, thus foiling attempts to make dirty money look legitimate
  • Spot suspicious and unusual transactions and activities involving high-risk entities and countries, recognize patterns, raise red flags, and furthermore, report details to law enforcement agencies
  • Identify skill gaps in financial risk management, design action plans for training personnel in this practice, and evaluate learners’ on-the-job performance and delivery
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Software Supply Chain Attacks

An added challenge facing banks: Software supply chain attacks

Banks use third-party tools, including for cybersecurity. Ironically, criminals are slipping malicious codes into such trusted platforms to compromise banks!

  • Maintain a comprehensive catalog of all your software licenses and a track record of software patches to reduce risks arising from rogue fixes laced with malware
  • Conduct a PCI DSS pen testing, a yearly mandate for service providers in the card payment ecosystem, to combat supply chain attacks and elevate security standards
  • Scan software for publicly disclosed vulnerabilities and update to the latest safe versions, besides segmenting the networks to contain the damage in case of intrusions
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Industries

Banking

Banking

Banking

Amid global crises fears, the sector must chase new opportunities to maintain growth momentum without losing sight of compliance commitments.

Financial Services

Financial Services

Financial Services

A siloed perspective on data is a key factor holding financial institutions from reaching full fruition and exceeding customer expectations.

Insurance

Insurance

Insurance

A sector whose margins are under pressure, a phenomenon attributable to changing risk exposures, must explore creative ways to pare costs.

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An indomitable spirit and a laser focus on digitalization and data security is what is paying off in the financial sector. Our BFSI specialists will prep you for the big leap in digital technology and bolster your cyber perimeter to reduce costs and improve bottom lines. Plus, we ensure you don’t miss out on any compliance mandate.

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Featured Case Study

A financial services business clocks impressive profits with strategic procurement

Challenge: Sudden margin squeezes and efficiency drops in its supply lines were quite unsettling for an East European provider of financial services. To ride out the storm and regain its mojo, the company chose to leverage our expertise in long-term sourcing.

Solution: The financial service provider’s approaches and systems were subject to close scrutiny by our specialists. A detailed examination brought to light significant gaps in communication, infrastructure rigmaroles, and suboptimal inventory practices. Under our stewardship, the business followed through with major changes to its systems, resulting in more robust and fail-safe sourcing networks.

Result: Improved business planning and better knowledge sharing across processes is leading to high customer satisfaction and better margins for the client.

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Gathering data on your supplier’s capability to deliver high-quality products is just not enough. More open communication will ensure suppliers not only deliver with quality but also ahead of schedule.

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