Bank of Montreal
Bank of Montreal Puts Risk Detection on Auto-Pilot with AI
All from Coupa's AI-driven platform, BMO uses predictive monitoring tools and community-powered data to easily manage supplier and third-party risk across multiple bussiness units.
Value as a Service
Reduction in Risk Assessment Cycle
Integrated Supplier Risk and Performance Management
Challenge
A lack of real-time data from multiple risk domains made it difficult to ensure that every business unit’s suppliers met regulatory requirements and corporate responsibility goals.
Onboarding and vetting suppliers were slow due to manual processes, resulting in low service levels and frustrated business leaders.
Need to consolidate supplier risk and performance management processes and data into one place, so BMO’s multiple risk assessment teams could work from a single truth source.
Result
Supplier risk and performance management is now 100% digital, embedded in processes, and leverages AI insights from the Coupa community to give BMO control of the entire supplier lifecycle.
Digital tools like automated risk scorecards reduce vetting cycles by 75% and ensure only pre-vetted suppliers within the bank’s predefined risk level are engaged.
Completing regulator audits and meeting changing regulations are much easier since BMO can update digital assessment configurations and collect all necessary data from suppliers from one place.
