Following a period of growth generated through mergers and acquisitions, this leading global financial institution wanted to consolidate a fragmented procurement function.
A dynamic market environment that included increasing cost pressure and growing uncertainty, led the company to have a laser focus on improving its compliance. Regulatory changes meant that it needed to verify its procurement processes.
Additionally, an explosion in digital banking capabilities was creating new risks. The sophistication of financial crime and greater number of criminal activities afforded by digitalization, meant the institution needed to upgrade its anti-fraud protections. The financial institution needed to move away from manual processes to intelligent, digital procurement operations.