BRCG knows that shortening the procurement process is critical for an early stage company and the key to doing so is being well prepared. There is wide ranging regulatory guidance describing how financial institutions (FI) should manage the risks arising from the use of third party providers—we create transparency into these requirements.
Our Procurement Readiness Assessment (PRA) incorporates the requirements of leading financial institutions’ due diligence requirements into 19 major control areas. Our PRA is designed to assess your organizations level of preparedness against these control requirements, identify any gaps, and make recommendations to close the gaps.
BRCG’s PRA creates transparency into the FI due diligence requirements and allows your company to proactively implement the proper controls so that compliance doesn’t slow you down. While there are slight variations to each FI’s process and requirements, our PRA captures the key controls common to all.
At the conclusion of the PRA engagement, we will provide you with a summary of our assessment including:
- Company Risk Assessment
- Detailed list of PRA Controls
- Control and Management Gaps by key control area
- Remediation plan that includes changes or additions to existing policies, procedures, and management
practices that leverage best practice tools and processes.