Case Study: a Fortune 500 financial institution streamlines vendor risk management with NewRocket and ServiceNow VRM

Fortune 500 Financial Institution streamlines risk management for 7,000 vendors with NewRocket

The customer, a fortune 500 financial institution, faced a significant challenge in managing over 7,000 vendors, which led to outdated information and high audit risk. NewRocket was engaged to implement the ServiceNow Vendor Risk Management solution to create a single point of access for all vendor data.

NewRocket implemented the ServiceNow VRM application, which centralized the vendor management process into a single portal. This allowed the client to monitor real-time information, automate risk assessments, and maintain all vendor questionnaires. The solution successfully reduced audit costs and equipped decision-makers with the critical data they needed.