Increasing global standardisation around third party risk management
This pharmaceutical client first started working with The Red Flag Group® out of a basic need for due diligence reports. Though they worked with a few suppliers, The Red Flag Group® quickly became the preferred supplier with more frequent, detailed IntegraCheck® | Integrity Due Diligence report requests.
A few years into the engagement, the client decided to improve their current compliance programme by purchasing a subscription to ComplianceDesktop® | Compliance Technology Platform. They had a manual questionnaire process and needed a system to automate some of the workflow.
After some time using ComplianceDesktop®, they decided to engage The Red Flag Group® to optimise their use so they could realise its full benefit. More than 100 users, including the client’s regional compliance leads, were losing efficiency by still managing some work offline, and the client had plans to expand the scope from the Americas into the Asia-Pacific region.
The Red Flag Group® worked closely with this client to help them improve their ComplianceDesktop® usage and increase adoption. Since the client also had plans to add more users and expand geographic focus, we helped them increase global standardisation around third party risk management.
ComplianceDesktop® allowed them to break down silos between their legal, compliance and procurement teams. The number of due diligence reports has doubled over time, user adoption has increased to more than 80 percent, and plans to roll out in additional regions are underway.