Third Party Suppliers

Problem

Even if companies outsource activity to third party providers, they remain accountable for the quality of service, resilience and overall risk related to outsourced services. Given that third-party providers may operate independently, it could be a significant investment of time and money to meet regulatory expectations.

Solution

OLI can be applied in a variety of ways.

  • Reducing Human Error: Using OLI to predict when losses are likely, we can prompt traders to ‘slow their input’ to avoid input errors, or ‘clear their queue’ to ensure all incoming transactions are processed
  • Reducing the impact of Fraud: Using OLI to predict periods of heightened risk of business email compromise or invoice fraud, outsourced providers can prompt individuals to verify the legitimacy of the request and the information entered on a wire request form
  • Reducing the impact of uneven volume: Using OLI to identify factors that influence increased demand on client service teams and the interconnectedness across service teams focused on products, jurisdictions, or other segments, leaders can manage teams in a way that better matches client demands

Outcome

Fewer human errors. Lower losses. Reduced time spent investigating and resolving errors. Increased throughput. Better customer experience. Lower risk. Evidence of measures to proactively manage Operational Risk and Operational Resilience.

Find out how to predict and help prevent operational loss

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About BMO

We’re proud to be fueling growth and expanding possibilities for individuals, families and businesses. More than 12 million customers counts on us for personal and commercial banking, wealth management and investment services. As the 8th largest bank, by assets, in North America, we help our customers make the most of their money. In Canada, the United States and across the globe, we’ll continue to build, invest and transform to drive performance that services the good that grows.