Transforming Third-Party Due Diligence: A Global Cosmetic Company’s Journey
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Executive Summary
A leading global cosmetic company faced significant challenges in managing its third-party due diligence process during a platform migration. With operations spanning multiple countries and a vast network of suppliers and partners, the company struggled with inefficiencies, data inaccuracies and stakeholder confusion, all of which hindered compliance efforts.
The Challenge
Data Integrity Issues: The migration process revealed gaps in data accuracy, including incomplete or redundant records, which created risks for compliance reporting and decision-making.
Lack of Automation: The legacy system relied heavily on manual processes, resulting in delays, excessive manual interventions, and an over-reliance on users to manage workflows proactively.
Stakeholder Confusion: Stakeholders faced unclear next steps due to the outdated system’s complexity, leading to inefficiencies and frequent requests for guidance from the compliance team.
Testing Delays: The absence of a robust testing framework during the migration caused unplanned delays in ensuring the new platform’s functionality and readiness.
The Solution
Data Reconciliation and Cleanup: We worked closely with the platform developer to reconcile data between the old and new systems. Erroneous records were corrected, and redundant data was removed to ensure an accurate and reliable database post-migration.
Stakeholder Training and Support: We provided comprehensive training to key stakeholders, including legal counsels, procurement teams, and requesters, ensuring they understood how to navigate the new system effectively.
Post-Launch Troubleshooting: Our team offered ongoing support post-launch to resolve issues quickly, ensure smooth operations, and minimise user disruption during the transition period.
The Result
The partnership with Rule delivered significant improvements in the company’s third-party due diligence process:
Successful Data Migration: All data was reconciled accurately during migration, ensuring clean records that enhanced compliance reporting and operational reliability.
Enhanced Efficiency Through Automation: Automated workflows reduced manual effort, streamlined stakeholder collaboration, and eliminated bottlenecks in the third-party due diligence process.
Improved Stakeholder Clarity: Clearer workflows and automated notifications reduced stakeholder confusion, enabling smoother collaboration without constant handholding.
Seamless Post-Launch Transition: Comprehensive training empowered teams to use the new system confidently, while ongoing support ensured minimal disruption during implementation.
Ongoing Assistance: Throughout the implementation and beyond, we provided ongoing support to ensure the smooth functioning of the new system. Our team was always available to troubleshoot issues, offer guidance, and answer any questions. This continuous support helped resolve challenges quickly, ensuring minimal disruption and running the system smoothly for all users.
Conclusion
By partnering with Rule, the global cosmetic company improved its third-party due diligence process, achieving significant efficiency gains, risk reduction, and enhanced compliance. The streamlined approach not only saved resources but also supported timely business deals and growth. This case study demonstrates the power of outsourcing to a specialised provider in revolutionising third-party risk management.
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