THE STANDARD
“ Change is inevitable , it is one thing that remains constant ”
RACHEL HENNEY HEAD OF PROCUREMENT , SUPPLIER MANAGEMENT AND GOVERNANCE THE STANDARD
technology , compliance , fraud , and legal , to name a few .
“ This provides a holistic governance approach for our third parties ,” says Henney . “ These ‘ Risk Domain Owners ’ work with our centralised TPRM Governance group who act as the central clearing house for TPRM risk monitoring and information management .”
In 2021 , The Standard further evolved its Third-Party Risk Management Governance group by leveraging leading practices to expand its TPRM programme . “ Using a risk-based approach , the TPRM Governance programme monitors third-party providers across a wide number of Risk Domains ,” says Henney .
She adds : “ One of the current focus areas for the programme is to provide enhanced reporting capabilities so business stakeholders have improved visibility to current risk information about their third parties .
The Third-Party Risk Management Governance group works with both business and third-party stakeholders to ensure that risks are monitored and appropriately managed throughout the engagement lifecycle .”
The Standard ' s strategic suppliers help to simplify processes
PwC When it comes to quality , cost and control , strategic suppliers at The Standard work with business leaders to determine where the group should focus its outcomes . “ While we want to improve all of these , it ’ s not possible ,” explains Henney .
She adds : “ You can ’ t require that a supplier is fast , inexpensive and delivers sustainable solutions . Choosing two of these as primary outcomes and objectives together help focus operational results that meet expectations . Our strategic suppliers are integral to core operations and our customer satisfaction .”
As a Strategic and Preferred Supplier , PwC works with The Standard to enable and enhance business intelligence and analytics , transforming our end-user ecosystem . PwC and The Standard defined a strategy to simplify our operating and governance model , modernising technology to complement business strategy .
PwC ’ s approach helped The Standard support sustained internal growth and adoption of transformation , including the creation of an internal delivery structure focused on
strategy realisation .
“ Change is inevitable ,” says Henney , “ It is one thing that remains constant . PwC assists The Standard with the pace of change , and as we progress in our transformational journey , we leverage
PwC ’ s insurance industry experience as well .”
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