Overview
The FinTech firm had experienced significant expansion and growth but it’s policies, procedures, and infrastructure had not kept pace with its growth; this put them out of compliance and at risk of being denied a Bank Charter. They needed a more robust supplier lifecycle (SLM) and contract lifecycle management (CLM) tool to support the maturation of policies and procedures for TPRM.
In addition to tool implementation support, the client required guidance on how to cultivate more sophisticated SLM and CLM inclusive of full Change Management efforts to implement a governance model and realize the benefits of a solution that could scale.
action plan
evolv led the team responsible for designing, building, and successfully implementing the SLM and CLM tool in parallel with the maturation of policies and procedures; performing a detailed discovery to facilitate the design, being the liaison between the product and the business, supporting the change management for implementation and becoming tool SMEs for continued support post-implementation.
The evolv team collaborated with the client’s enterprise risk, cybersecurity, privacy, legal, procurement, and accounting teams to understand each workstreams’ requirements and partnered with the SLM and CLM tool architects to create an overall product vision and roadmap.
Steps
1
Oversaw the design, construction, and successful deployment of the SLM and CLM tool while refining policies, conducting discovery sessions, and bridging product and business needs.
2
Collaborated with the client’s risk, cybersecurity, legal, and other teams, the evolv team grasped the unique needs of each workstream and worked with tool architects to shape a comprehensive product vision and roadmap.
3
Following implementation, evolv became subject matter experts for ongoing support, ensuring seamless integration and alignment with the client’s enterprise functions.
Results
Approved Federal Bank Charter
and integrated with other eGRC tools to support full regulatory lifecycle.
Reduced supplier onboarding and contract execution processing time
by 47% and 30%, respectively.
Successfully launched CLM and SLM tools
and provided change management and training leadership for all end-users.
Conclusion
”One of the primary reasons we were able to realize our vision for Bank Charter approval was the timely implementation of this tool.” – Chief Risk Officer
