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Achieving Security at Scale: How Pinsent Masons Transformed Third-Party Risk Prioritization with Panorays

About Pinsent Masons

Pinsent Masons is a distinguished global law firm with a rich heritage dating back to 1769. With a presence spanning 28 locations, the firm has evolved into a leading professional services business.
Pinsent Mason boasts a team of over 3,700 employees, catering to a prestigious clientele that includes banks and government departments across four continents.

Background

Six years ago, Mike Seeney joined Pinsent Masons as the Head of Supply Chain Information Risk. Upon arrival, he was tasked with establishing a dedicated supply chain security team within a newly established centralized Information Security function. The Firm had recognized supply chain weakness as a growing mechanism for threat actors to gain unauthorized access to its systems and data, potentially impacting both operational efficiency and client trust.

The Challenge

Mike Seeney - Head of Supply Chain Information Risk @ Pinsent Masons

Mike Seeney – Head of Supply Chain Information Risk @ Pinsent Masons

Mike’s team initially utilized a manual process to firstly launch and subsequently refine the firm’s supplier assessment process. Significant challenges materialized however as the process matured and workload expanded due to the manual nature of their vendor risk management. The firm relied heavily on excel spreadsheets to assess supplier security posture, a method that proved to be both time-consuming and ineffective as the function scaled up.

The limitations of excel also prevented the team from gaining real-time insights into vendor risk levels, blocking their ability to prioritize and tier suppliers appropriately. Mike was able to see into the team’s main challenges with exceptional clarity:

#1 – Time-consuming manual processes

Using excel spreadsheets was slowing down supplier assessments and making risk management unscalable.

#2 – Inefficient Supplier Tiering

It was tough to categorize suppliers effectively based on business criticality and risk, which made it hard to allocate resources and prioritize due diligence.

#3 – Limited Visibility and Reporting

Without a dedicated reporting tool, understanding overall vendor risk and communicating findings was challenging.

#4 – Data Security and Regulatory Risks

A desire for greater visibility into supplier security was crucial in reducing Pinsent Masons vulnerability to data breaches and potential regulatory issues.
Relying on spreadsheets made it hard to stay on top of regulations and communicate compliance efforts such as maintaining ISO 27001 certification, or completing annual due diligence tasks.

“Clear, actionable reports are essential for communicating security risks to senior management. Panorays’ reports are exactly that – clear, concise, and easy to understand.”

The Solution

Seeking a more efficient and effective solution, Mike discovered Panorays’ automated third-party security management platform. Immediately, he felt Panorays offered a compelling suite of features that could address Pinsent Masons’ specific pain points.

Onboarding Panorays and Main Use Cases

Onboarding a third-party security solution can be a daunting task. New software, complex integrations, and training teams can all slow down the process and delay the benefits. But for Pinsent Masons, onboarding Panorays was a refreshing change.

Mike Seeney, Head of Supply Chain Information Risk at Pinsent Masons, highlights the positive onboarding experience with Panorays:

“Panorays’ onboarding was great, and the support throughout has been amazing. We’ve actually pretty much saved a headcount on what we’re doing now”.

This seamless setup process empowered Pinsent Masons to quickly leverage Panorays for impactful actions:

#1 – Replace manual work with automated, AI-powered questionnaires, while tailoring assessments to suppliers’ specific Risk DNA.

#2 – Gain real-time insights into supplier security posture with continuous monitoring.

#3 – Achieve unprecedented visibility into their entire supply chain security landscape, identifying and prioritizing potential vulnerabilities.

#4 – Generate clear, business-focused reports for quick boardroom approval.

The Outcome

Within weeks of implementing Panorays, Pinsent Masons witnessed a transformation in their risk management program.

Streamlined Workflows and 50% Reduced Headcount

Pinsent Masons overhauled their manual Excel sheets into automated workflows. Panorays’ efficiency was one of the key factors in freeing up a valuable analyst position, offering significant cost savings and a more focused security team.

Prioritized Continuous Monitoring, Focusing on the Top 20 Critical Suppliers

The firm replaced static risk assessments with continuous monitoring and a live feed of supplier security posture. Pinsent Masons can now easily identify and focus on their most critical suppliers, allowing them to apply a clearly defined methodology to scrutinize the highest-risk suppliers who handle sensitive data.

Actionable Insights and Reports

Thanks to Panorays’ clear, actionable reports Pinsent Masons no longer faces “data fatigue” and can prioritize business decisions and resource allocation based on the most critical risks.

Building Client Trust and Industry Leadership

Demonstrably improving their supply chain security, Pinsent Masons positions itself as a leader in data security within the legal industry, a key differentiator for attracting and retaining clients.

“In the past, we were reliant on static assessments, which only gave us a snapshot in time. Now, with Panorays’ continuous monitoring, we have a live feed of our suppliers’ security posture.”

Rethinking Third-Party Risk Management?

Worried about potential vulnerabilities within your supply chain? Tiering vendors by risk, maintaining clear visibility, and communicating risk across your organization can be a juggling act. Pinsent Masons faced every one of these challenges and their success story signals the way forward.

Contact Panorays today to unlock real-time insights into your supply chain, mitigate risks, and streamline compliance and reporting. Contact Sales

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