CASE STUDY
Improving compliance with PRA Supervisory Statement SS2/21
Problem
Our client, a listed financial services organisation was struggling to comply with PRA Supervisory Statement SS2/21 on Outsourcing and Third-Party Risk Management. Suppliers were not being classified to a risk level which resulted in a large number being managed with the same level of oversight. This was consuming unnecessary resources meaning the highest risk suppliers were not being managed to the levels expected in PRA SS2/21.
Solution
A Supplier Relationship Management (SRM) framework was designed and implemented which classified suppliers into a risk tier and provided clear guidance on the appropriate oversight activities relative to the inherent risk of the supplier. Suppliers were risk assessed into tiers and each supplier was reviewed against the framework to identify any areas of noncompliance. Priority was focused on making the highest risk suppliers compliant with PRA SS2/21.
Results
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Creation of a SRM Framework aligned to PRA SS2/21
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Rollout of the Framework to all regulated areas of the business
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Identification of all key supplier risks
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Reduced resource effort in managing suppliers and ultimately reduced supplier risk.
" I was extremely impressed with the speed in which Swan Procurement identified our compliance issues and then put a robust framework and plan in place to make us compliant"
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Chief Compliance Officer
