Case Study: General Bank of Canada streamlines vendor risk management and speeds onboarding with Coverbase

How General Bank of Canada Streamlined Risk Management and Unlocked Growth

General Bank of Canada, a federally regulated bank, faced significant challenges as it scaled its open banking partnerships. Its manual processes for vendor risk management caused severe delays, inefficiencies, and the threat of regulatory scrutiny, which risked compliance and hindered growth. To overcome this, the bank turned to Coverbase for its AI-enabled security and procurement platform.

By implementing Coverbase, General Bank of Canada vastly streamlined its third-party risk management. The solution provided a centralized platform for due diligence and real-time monitoring, cutting vendor onboarding time from 60 days to just 14. This 77% faster process led to a 30% expansion in vendor partnerships within six months, allowing the bank to scale its operations efficiently while maintaining a rigorous risk posture. Coverbase was instrumental in achieving these results.

General Bank of Canada

Laura Valente

Chief Privacy Officer & Non-Financial Risk Manager