Internal Audit – Third Party Vendor Solution

Barclay Simpson Solutions (BSS) was engaged by a major UK Personal and Business Insurance company to conduct an Internal Audit of its Third Party Vendor solution. This work was initiated in order to deliver an understanding of legacy and current vendors so that the assessment process could be handed over to Business as Usual (BAU).

The challenge:

The initial challenge was to fully understand existing and legacy third party vendor ownership and then to validate those findings, including incorporated risk assessments and work stream reports on completion of each and then to transfer ownership of this function from Spend HQ to BAU.

The solution:

The solution was to break the activity down into 9 key phases and deliver reports against each. The phases included the initial Discovery activity designed to give identification of 3rd Party within the existing Spend HQ and the validation of those findings, the identification of Legacy 3rd Party Vendor ownership, the transference of ownership of both existing and legacy 3rd Party Vendors to BAU from the current Spend HQ, the handover of 200 legacy 3rd Party Vendors to the new BAU function in two batches, the delivery of a high level strategy for future BAU 3rd Party Assessment and ownership, training provision for colleagues responsible for the delivery of this activity in BAU, regular project status reports and a final project closure report.

The outcome:

With all key phases successfully delivered the client is now able to deploy a more robust and streamlined 3rd Party Vendor solution as a discrete BAU function.

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