Last week we got up early and had our morning coffee with Yieldbroker, Australia’s trusted electronic trading solution. The time difference meant that their day was coming to an end just as ours was just beginning.
It was fitting that we’d be meeting across two different time zones because our relationship with Yieldbroker is twofold. The trading platform is actively using Risk Ledger as both a client and supplier.
Yieldbroker was invited to join Risk Ledger as a supplier by one of their clients at just the right time. They had already started looking into risk management solutions that would add structure and efficiency to their security processes.
Because of the nature of the industry they operate in, risk assessments are a regular part of their day-to-day. When we spoke to them, for example, they’d just completed their fifth or sixth questionnaire that had arrived in the past 2 weeks.
“It was becoming onerous and very inefficient. We needed to come up with a better way of managing all those security questionnaires that were coming in. Some requests would come via email or we’d need to complete a spreadsheet.
It wasn't the most efficient way of capturing information because you’d have to go back to the spreadsheet and see if you could use the responses that you'd given one bank for another bank. And everyone asked their questions in a slightly different way.”
Having looked into other risk management providers, we were interested to find out what had made Risk Ledger stand out.
“When Risk Ledger came along it was really a happy coincidence. We were implementing a new process and needed to be able to say that the provider we chose was going to solve a lot of our problems.
It was very intuitive to use, the questionnaire was shorter and simpler, and the questions made more sense. Some of the platforms we looked at had over 1,000 questions! Risk Ledger provides a solution with the appropriate due diligence whilst not being too onerous.”
Today Yieldbroker see their supplier profile as a way to stay on the frontfoot. Sharing their profile is one of the first steps built into their client onboarding processes.
“In the initial engagement we share our Risk Ledger profile so they’ve got it when they need it. It portrays us as being more organised than some of the other vendors.”
Within four months of creating a supplier profile, Yieldbroker had started using Risk Ledger as a client. The team told us that this was a no-brainer:
“Yieldbroker is regarded as being critical market infrastructure in Australia, so we’re vital to a lot of people’s workflows. If you’re an important part of the supply chain for both clients and suppliers, we don’t understand why you wouldn’t be using one platform to send and receive risk assessments. It all needs to be efficient and centralised. You really should be doing it all in one place.”
Before joining Risk Ledger, the trading platform had no firm processes in place to manage suppliers so being more proactive in this area was a key goal when they became a client. One of the features they value most is that their suppliers are prompted every six months to review their supplier assessment responses. This kind of ongoing attention to security controls is not only beneficial to Yieldbroker and their suppliers, but to the supply chain as a whole.
Today Yieldbroker is connected to their critical suppliers through Risk Ledger with plans to consistently onboard more of their supply chain in the coming months. For them, having a centralised place for all of their risk management is crucial.
“We can track how suppliers are progressing with their assessments and target particular questions. The ability to label and categorise suppliers informs the way we review assessments. Plus it works like a CRM: all your interactions, remediation requests and discussion points are all in one place so that anyone can go in and check against dates and timelines.
A platform like Risk Ledger is really beneficial. It's filling a gap in what was previously an inefficient process. The more organisations we can get onto these sorts of platforms, the more beneficial it will be. As you grow that universe, it's much easier to manage and secure the supply chain.”
If, like Yieldbroker, you’re looking for a simple, intuitive solution to make your risk management processes more effective, why not book a demo? Risk Ledger replaces those error-prone spreadsheets and untraceable email threads, so you can do more of what matters.
Get in touch today to chat with our team about joining our platform as a supplier, a client – or both.
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