TPRM HSBC Archer, Third Party Risk Management

HSBC's dependence on the use of third parties is increasing. Knowing our suppliers is just as important as knowing our customers so that we can improve our ability to risk assess understand and manage them. But the benefits aren't just about knowing who we work with. They ensure better cost control, fewer risks and better management of contractual obligations. Procurements have created a core service to help you carry out your obligations in relation to the management and oversight of third parties. Simpler better faster third party management comprises third party risk management, supplier management, and contract management. Procurement provides a catalogue of seven services to help the management and control of third parties. Some of these steps are your responsibility while others are completely in partnership with procurement. However to complete certain steps in this process you will be supported by two enabler xRS: a Archer; a single global technology platform for third party management, and our global third party utility designed to support you to fulfill your account abilities. When using third parties qualification procurement will complete this stage on your behalf, undertaking a sanctions, check financial checks and ensuring the supplier complies with HSBC's code of conduct. At the risk assessment stage you are responsible for completing risk assessments on Archer. Archer will produce a summary of the risk assessments showing the due diligence activities that need to be completed and distribute these to the business risk SMEs and third parties. You will use Archer to complete relationship management activities that provide insight and reporting for the most important suppliers. Archer provides a single system to track performance activities and to support monitoring and managing the most important suppliers. Archer will support monitoring contract obligations and track when contracts expire to ensure third parties are renewed or exited on time. As HSBC implements contract reading technology we will expand our contract obligations management service to a wider range of contracts. Lastly Archer will help monitor and produce reports against key risk and performance indicators. By consolidating this data we will ensure these activities are tracked to completion. Procurement will provide you with a level of standardized reporting. However Archer enables significantly robust self-service reporting. find out more please visit the procurement intranet 1 year ago
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