Financial Services

Sirion enables banking, insurance and other financial services companies to ensure granular oversight and governance in their third-party contracts

Financial Services

Cost & Compliance: A Delicate Balance in Outsourcing

Increased regulatory scrutiny of the risks arising from the strategic supply base following the 2008-2009 financial crisis has driven the financial services industry to bolster its existing third-party risk management (TPRM) capabilities. Most of this TPRM effort has focused on demonstrating to regulators that the institution has successfully implemented tools for governance, risk and compliance (GRC). During the same period, the industry’s dependence on strategic suppliers has grown given the accelerated outsourcing of core business functions. This increased dependency has exposed the limitations of GRC technology to monitor supplier-related risks.

Organizations are realizing they need more granular oversight of suppliers’ performance, contractual compliance and invoicing accuracy. At the same time, international regulators such as OCC, FRB, EBA, ACRA, MAS and HKMA have intensified and underlined their guideline requirements to exercise sufficient oversight over outsourcing suppliers. This combination of internal dependencies and external regulatory pressure is driving all regulated BFSI entities to go beyond the confines of traditional GRC, CLM, CWP, VMO and P2P tools and take a fresh look at the operating risk dimensions of their strategic supply chain.

Key Services Outsourced

  • Back office (e.g. finance & accounting, HR, print services)

  • Claims processing

  • Data entry

  • Facilities Management

  • IT (e.g. service desk, hosting, end-user computing, application development and maintenance)

  • Security

  • Telecom

95% of the total third-party spend in the financial services industry goes to services

“The reason that contracts are becoming more important is the growing importance of services spending.”

Andrew Bartels, VP and Principal Analyst

“Procurement needs to take responsibility for performance across the lifecycle of contracts, not just up to signature.”

Tim Cummins, President

The Challenges

  • More than 95% of the total sourcing spend is dedicated to buying services vs. buying goods and commodities, making in-life management of contracts even more important
  • There’s only limited capability for managing contractual, performance and financial risk in outsourcing engagements, creating significant exposure
  • Institutions lack the ability to validate supplier invoices, creating significant financial leakage through overpayment to suppliers as a result of undetected invoicing discrepancies

Sirion for Financial Services

Sirion offers an AI-driven, integrated platform for financial services companies to manage contracts, performance, invoices, and relationships in third-party contracts.

Sirion Network

Recommended Solutions
SIRION SUPPLIER MANAGEMENT
Improve outcomes, saving and collaboration with key suppliers
Performance   /   Profitability   /   Potential
SIRION CONTRACT LIFECYCLE MANAGEMENT

Bring contracts to life with Sirion - from authoring through performance to renewal
Contracts   /   Compliance   /   Control
Products

Simplify the contract authoring process and significantly reduce the time and effort needed to create and approve new contracts

LEARN MORE

Gain complete visibility and control over your contract portfolio through Sirion’s powerful contract repository: Leverage hierarchical document storage, auto-extraction of contract data, and advanced change management capabilities

LEARN MORE

Easily identify and correct invoicing discrepancies by auto-validating invoice data against underlying contractual obligations and performance data

LEARN MORE

Improve performance delivery with a comprehensive and automated approach that streamlines the capture, computation and monitoring of obligations and service levels, and link performance to real business impact

LEARN MORE

Drive improved alignment and collaboration between buyer and supplier teams through a shared view of contract and performance data, and through data-backed relationship governance

LEARN MORE

Use BI-powered analytics to gain unmatched visibility of risks and opportunities in the contract portfolio, enabling superior decision making at both operational and strategic levels

LEARN MORE

Featured Resources

Webinars

The Future of Procurement: Why is Technology Lagging Behind?

WATCH WEBINAR
Reports

Spend Matters Report: SirionLabs – What Makes It Great

DOWNLOAD REPORT
Blog

Placing GRC and Supplier Governance in the Risk Management Jigsaw

LEARN MORE

Sirion Can Help You Achieve Better Business Outcomes

REQUEST DEMO
Top