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Stratiformis Consulting Ltd, 6th Floor, 37 Lombard St, London, EC3V 9BQ

Strengthening Third Party Risk Management for Global Insurers

The Challenge

Amid increasing regulatory scrutiny on supply chain resilience and third-party oversight, two global insurers faced similar challenges in scaling and maturing their existing Third Party Risk Management (TPRM) frameworks.

Key issues included:

  • Frameworks not fully aligned to evolving regulatory expectations (for e.g. across the UK, EU, Australia and Singapore)
  • Inconsistent due diligence (DD) and risk control mechanisms across the third-party lifecycle
  • Insufficient contractual and governance coverage for critical third parties

With regulators placing greater emphasis on operational resilience, third-party criticality and demonstrable supply chain oversight, both organisations required enhanced maturity in identifying, assessing and governing third-party risk in a measurable and proportionate manner.

Our Approach

Working closely with the Heads of TPRM and incorporating input from Second Line of Defence (2LoD) functions to ensure regulatory alignment, we:

  • Conducted a current-state maturity and readiness assessment
  • Identified control gaps across the third-party lifecycle (onboarding, monitoring, exit)
  • Developed proposals to refine and strengthen due diligence and risk control mechanisms
  • Aligned framework enhancements to regulatory developments across key jurisdictions

Further, using regulatory guidance to define critical third parties and concentration risk exposure, we designed a practical, risk-based methodology to:

  • Assess third-party criticality
  • Apply proportionate governance and oversight mechanisms
  • The approach ensured scalability while embedding regulatory-aligned resilience principles across the supplier ecosystem.

The Outcome

  • Risk-based Third-Party Criticality Assessment Model
  • Refreshed and strengthened Third Party Risk Management Framework
  • Formalised Third Party Risk Management Policy aligned to multi-jurisdictional regulatory expectations

Both organisations now operate with a more mature, regulator-aligned TPRM capability that strengthens supply chain resilience and enhances governance oversight.

Testimonials