Client Background

• Our client is a leading auditing firm offering Third-Party Risk Management (TPRM) services. Earlier, the risk monitoring software did not provide real-time information and the monitoring parameters were limited to financial data of third-party businesses.
• The client needed a new-age solution for supporting auditors with real-time alerts on risks associated with an entity so that they can quickly initiate responses based on the projected impact level of the risk.

Xoriant Solution | Key Contributions

• Xoriant developed the message consumer components using WSO2 to receive the events/news feeds from third-party feed aggregators.
• Generated the snapshot of risk data based on time-series into Apache Cassandra data store and used D2.js to develop Graphical User Interface. The interactive big data visualizations on the dashboard enabled users to view the performance of an entity as per the pre-defined risk parameters. The risk parameters vary from entity to entity and the available source data. Big data visualization includes multiple visual representations of data using heat maps, Mercator maps and Sunburst Coffee Wheel.

Key Benefits

• Enabled auditors to monitor and analyze big data flowing in from thousands of third-party suppliers across 80+ countries in real-time with cutting-edge Data Science algorithms along using a proven Machine Learning Model creation approach.
• Reduced 75% storage costs with the use of the framework.