There is wide-ranging regulatory guidance describing how financial institutions should manage the risks arising from the use of third-party providers. We create transparency into these requirements and ensure that your organization is ready for procurement so that gaps in compliance do not slow down your momentum.
BRCG’s Procurement Readiness Program is specifically designed to ensure that a company has the appropriate controls in place in order to satisfy the rigorous due diligence requirements of major financial institutions. The PRP typically follows a Procurement Readiness Assessment (PRA) whereby a detailed gap analysis against 19 control areas is produced. We manage the program from start to finish with a detailed roadmap and document and implement policies, procedures and controls tailored to your organization.
The PRP includes:
- Remediation of all PRA Gaps
- Detailed Implementation Plan
- Tailored Policies and Procedures
- Control Development and Implementation
- Risk Assessment
- Required Management Practices
- Project Management & Oversight
At the conclusion of the PRP, you will have tailored policies and procedures, controls, management practices and other required materials to satisfy most major financial institution due diligence processes. As mentioned above, the compliance program will be commensurate with your risk and will be developed in a manner that will be easy to scale as you grow, utilizing best in class tools and processes. During the PRP engagement, BRCG will engage and interact with clients and their compliance teams on all control related matters, as requested.