CASE STUDY: VENDOR RISK PROGRAM DEVELOPMENT
Goal
Triforce Strategies partnered with the client’s Procurement Organization to design and implement a comprehensive Vendor Risk Management (VRM) program. The initiative focused on establishing clear policies, processes, and accountability structures to proactively identify, assess, and mitigate risks associated with vendor relationships.
The objective was to create a robust and sustainable risk management framework that would strengthen due diligence, enhance operational integrity, and ensure vendor relationships supported both compliance requirements and long-term strategic objectives.
Challenge
The organization faced two primary challenges:
Operational inefficiency in managing third-party oversight and procurement activities.
The absence of a strategic, long-term roadmap for systematically addressing vendor risk across the enterprise.
Existing workflows were fragmented and reactive, creating blind spots in compliance and governance. To reduce risk exposure, the organization needed a standardized, data-driven approach that improved process execution, enhanced visibility, and aligned procurement practices with best-in-class risk management principles.
Solution
Triforce Strategies conducted a detailed process discovery and optimization assessment, engaging stakeholders across departments to develop a unified Vendor Risk Management framework:
Mapped and analyzed end-to-end third-party engagement processes across divisions.
Identified process gaps and control weaknesses from both operational and compliance perspectives.
Developed an integrated vendor lifecycle model—from onboarding to offboarding—supported by standardized templates, tools, and governance protocols.
Designed a repeatable framework for monitoring vendor risk performance and ensuring consistent oversight.
RESULT
Triforce Strategies delivered a comprehensive Vendor Risk Management Operating Model built around five key workstreams:
Risk Framework Assessment & Enhancement – Strengthened identification and management of vendor risks.
Governance Framework Optimization – Enhanced oversight, accountability, and transparency.
Reporting & Analytics Development – Improved visibility through performance dashboards and data-driven insights.
Audit & Compliance Support – Addressed findings and established preventive controls.
Program Implementation & Change Enablement – Embedded new processes into business-as-usual operations, ensuring sustainability.
The result was a fully integrated vendor risk program that improved control effectiveness, minimized compliance exposure, and created a scalable foundation for proactive vendor governance.