Transforming Compliance-Driven Supplier Checks into a Risk-Focused, Scalable Assurance Capability
Robust third-party risk management is critical for wealth management organisations that rely on a growing ecosystem of suppliers to support their operations.
When supplier assurance operates as a compliance exercise rather than a risk-driven capability, critical vulnerabilities can go unnoticed and vendor backlogs can build quickly.
A leading UK wealth management organisation found its Third Party Assurance process falling short of this standard, verifying suppliers at a basic level but without the strategic focus needed to align with the business's risk appetite. Growing backlogs and limited visibility into supplier risk meant the function was not operating at the scale required.
Platform Smart was engaged to redesign the capability, conducting a comprehensive review of the existing process before rebuilding it around a risk-focused target operating model, with clear criteria for identifying high-risk suppliers and a defined methodology for periodic review. Working closely with the Risk and Governance function, we supported the recruitment and onboarding of permanent staff to embed the new process within the business.
The result was a Third Party Assurance function operating as a strategic risk management capability, with sustainable in-house ownership and effort concentrated on the suppliers that matter most.
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