Supplier Risk Management is key for effective management and oversight of outsourced functions. Insurance businesses must avoid undue additional risk through outsourcing, whilst achieving efficiency and quality.

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Supplier Management describes the activities included in researching and sourcing providers, obtaining quotes with pricing, capabilities, turnaround times, quality of work, negotiating contracts, managing relationships, assigning jobs, evaluating performance, and continually monitoring legal and regulatory risk. It requires a lot of skills, resources and time.

Though many business leaders believe that vendor management is simply about finding the supplier with the cheapest price for a product or service, it's about more than that. It's about streamlining the process for heightened efficiencies and managing supplier relationships to ensure that the agreements made are mutually beneficial for both parties whilst meeting legal and regulatory obligations.

Insurance businesses are increasingly aware of the regulatory and reputational risks to which a supplier, partner or other third party can expose them.

The FCA says an Insurance Business MUST >

"when relying on a third party for the performance of operational functions which are critical for the performance of regulated activities, listed activities or ancillary services on a continuous and satisfactory basis, ensure that it takes reasonable steps to avoid undue additional operational risk; and not undertake the outsourcing of important operational functions in such a way as to impair materially:
(a) the quality of its internal control; and
(b) the ability of the FCA to monitor the firm's compliance with all obligations under the regulatory system."

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All your suppliers, all in one place.
Manage thousands of TPAs, Suppliers, Solicitors - in fact, all your service providers with mySuppliers.
 
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Control is no longer an expensive luxury.

mySuppliers is an online risk management tool created to help busy procurement professionals centralise vendor management. The secure platform offers features including REG's 6Step supplier management workflow, on demand screening, due diligence profile monitoring, alerts and notification to risk profile, custom data filtering, search history, contract exchange, document storage and more.

With no installation costs or delays, no IT department effort and simple subscription pricing, you can be up and running in days.

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Need a best class third party risk management program? Supplier selection , along with evaluation and continuous measurement/assessment, is a crucial organisational process.

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Purchased services have a direct impact on the cost and quality of services delivered by an Insurance business. In addition, even a small cost gained by the selection of a good vendor can have great impact on benefits to the business, its reputation and its customers.

Many insurance businesses continue to select suppliers based on experience and intuition - both selective and unreliable approaches.

Vendor selection relies on multiple assessment techniques which include both quantitative and qualitative methods.

The most common evaluation criteria used to select suppliers are:

- financial health
- expertise
- operational performance metrics
- business processes and practices
- enabling behaviours or cultural factors, and
- risk factors.

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mySuppliers delivers a simple and effective process management tool covering the key processes for supplier engagement and management.

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Define.
Making sure your business goals are defined and established. Selecting and managing suppliers against these goals allows you to compare and contract suppliers.

Selection.
Selecting the best vendors that will be able to match your performance requirements. Issuing a tender request document (RFP) designed by you and delivered online.

Onboarding.
Before contract signature, carry out due diligence checks on the supplier, including credit rating, references and detailed key legal and regulatory checks.

Contract.
Complete the secure, digital acceptance of the contract by both parties, with version controlling and audit logs to track any subsequent revisions.

Management Oversight.
Management of outsourced functions requires continuous monitoring of inherent and emerging risks to the performance of pre-set KPIs. Monitoring of Credit, Legal and Regulatory due diligence can be automated with supplier performance and risk profile development recorded alongside remedial, corrective actions taken.

Review and Renew.
Clearly defined workflows must manage the review (audit) and renewal of a supplier contract. Mid-term audit can take a variety of forms but will always include taking the outputs of Management Oversight and reviewing these with the supplier to agree any actions required.

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API based technology enabling rapid connection of REG data to your other applications.

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It's good to talk.
An API is a software intermediary that enables two applications to talk to each other. Just as the REG suite of applications is connected through APIs, our data can be integrated into your systems too. Imagine populating board reports with key management information in beautiful visual reports. In fact, if you can imagine it, we can make it happen.

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Secure digital document exchange through GDPR compliant execution and retention of business contracts and TOBAs.

Learn more about Documents >

"My word is my bond."
Today data protection is highly regulated. Legal and regulatory requirements mean the back of an envelope is a thing of the past.

Data security risks mean that paper trails and email exchanges are no longer acceptable, with version control and document retention bringing further challenges.

mySuppliers includes a full digital document exchange facility that empowers document offer, negotiation and acceptance to be managed in one secure place.

Making sure your contractual arrangements are up to date, secure and auditable has never been easier.

Get in touch

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Contact us:

Email: info@reg.uk.com

Tel:     0203 946 2880

Visit:   The Studio,
           52-54 Gracechurch Street
           London
           EC3V 0EH

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