Sunil Patel, Information Security Officer at River Island, shares how implementing Panorays has been essential for managing third-party risks. Sunil also discusses how he uses the platform to view, remediate and communicate business risks across the organization.
My name’s Sunil. I’m the Information Security Officer at River Island.
What really hooked me in was the ease of use of the platform, but more importantly, the clarity of information.
What was missing before Panorays?
Before Panorays, it would take us a day to assess a third party, which is quite significant. The cool thing with Panorays is that it’s taken that headache away from us completely. I can’t imagine using my previous methods for eight vendors now that I’ve used this. We did our analysis and we worked out by the proof of concept that if we went down this kind of route, we would save about 33% of one person’s time every month.
Why did you decide to go with Panorays?
We effectively cut out a whole raft of manual processes. I send you a statement based on a set of requirements and the platform magically creates that questionnaire on the fly based on my requirements and it’s then just the push of a button and we get the information back and it’s, okay, we can make a decision really, really quick based on risk. So it’s not a case of, yes, you can work with this company. No, you can’t. It becomes a business decision.
What is the main benefit you get from Panorays?
Low maintenance. Ease of use. It’s probably one of the most straightforward platforms I’ve used in the last 20 odd years. It’s really point and click, which is ultimately what we want, it’s extremely visual, so you can get a very clear view of what risk we’re carrying at this moment in time based on what’s been pumped into the system. And being able to report upwards and say, this is what you’ve got. So whether it be a technical level, a directorship level. You know, it’s very easy to just say, here’s the state of play. And ultimately that’s what we want. Just a clear picture of what am I carrying at this moment in time.
I would also say that you really need to look at these guys because they’re actually delivering what we want ultimately, which I’ve not really seeing anyone else do.