Case Study: Morningstar transforms vendor security assessments with UpGuard

Morningstar uses UpGuard to optimize its vendor security assessment process and save time

Morningstar, a global financial services firm, needed a better way to manage third-party risk as its vendor security assessment process was largely manual, inconsistent, and time-consuming. Before using UpGuard, the team relied on ad hoc reviews and Excel-based questionnaires, could only assess 5 to 10 vendors per year, and lacked a structured way to track vendor history and security performance over time.

Using UpGuard’s BreachSight and Vendor Risk products, Morningstar standardized its TPRM workflow, centralized vendor evidence and security documentation, and streamlined questionnaire-based reviews. With UpGuard, Morningstar increased vendor assessments by over 1300% to about 130 new vendors annually, cut review time from a full day to just 1–2 hours, and saved an estimated 75% of assessment time.

Morningstar

Amy Voegeli

Director of Security