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.
Contact usChallenges 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
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
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
Industries
Banking
Amid global crises fears, the sector must chase new opportunities to maintain growth momentum without losing sight of compliance commitments.
Financial Services
A siloed perspective on data is a key factor holding financial institutions from reaching full fruition and exceeding customer expectations.
Insurance
A sector whose margins are under pressure, a phenomenon attributable to changing risk exposures, must explore creative ways to pare costs.
Talk to Our Expert
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.
Talk to Our ExpertFeatured Case Study
How SpendEdge Helped CPG Giant Streamline Contract Manufacturer Selection Process
Challenge: Faced with intense competition and the need to improve profit margins, our client turned to SpendEdge for assistance in overcoming their business challenges. One of the main strategies involved migrating cost-intensive operations to low-cost destinations.
Solution: Our team at SpendEdge assisted the client in streamlining their contract manufacturer selection process. Leveraging our expertise and market research methodology, we identified key contract manufacturers for the client’s ready-to-eat product line.
Result: The client successfully addressed their business challenges and achieved improved profit margins and reduced operating costs. All the while, also enhancing product quality and expanding manufacturing capabilities.
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