Leading compliance solutions provider Opus announced today that its innovative Hiperos 3PM platform has been chosen by Santander UK Plc to manage the risks associated with its third party relationships.
Santander will use Hiperos to enforce the latest compliance policies for outsourcing information security and technology risks for all its third parties in a single, resource-efficient solution. Capturing third-party performance data across the whole bank will allow it to monitor, manage and clearly understand exposure instantly. Santander will use Hiperos’s advanced workflow to deliver a “single source of truth” for all third-party data, risk calculation and ongoing risk mitigation activity.
Fiona Tyler, Director of Cost Management & Procurement at Santander UK, commented: “Hiperos enables all our third parties, not just the most critical, to be assessed and monitored for the relevant types of risk. As gathering information and calculating risk is automated, my team can focus on delivering value to the bank rather than chasing assessments and I can quickly update my board report whenever needed by the business.”
Ben Gould, Managing Director, EMEA & APAC, Opus, remarked: “All financial institutions must thoroughly assess and understand the risks third parties pose to their organizations. As the number of third parties grows and the regulatory environment becomes more stringent, a configurable, automated system like 3PM can help reduce risk and improve performance. We’re thrilled to have Santander join the Hiperos community.”
The Hiperos system provides:
· An automated assessment of materiality and risk for all third parties.
· Automation of risk mitigation activities for all types of contracts and relationships with third parties.
· Information Security assessment of all third parties.
· Management of contract performance for each third party.
· Automatic generation of management information, dashboard and board reports.