Streamlining Vendor Risk Management: Optimizing GRC Operations Through the Propel Initiative

Patrick Wylie: One thing, also, I would like to highlight – Devika mentioned Lydonia has been a fantastic partner. With the Propel initiative, we were able to get into the GRC team and start building stuff for them. So, two high impact processes that we were able to get to, thanks to those efforts with Lydonia, are: one is our graphite vendor risk process. With the graphite vendor risk process, we have to reach out to both new vendors and old vendors and send out questionnaires that help us analyze the risk for those vendors. This is not only cumbersome from sending out the information, but getting the information back, checking up with them, and then updating graphite from there. So, multiple members of our GRC team – and our GRC team isn’t that large – we’re having to dedicate a large chunk of time to performing that operation and just that operation. So, we introduced the bot to instead go in and basically handle that entire operation end to end, sending out, checking up, getting the information back, and then reporting back. So, this has freed up a lot of time for the GRC team, which is great. Compliance is now where we want it to be, and again, that’s a process that we got through the Propel initiative.