Bain Capital Case Study
How Bain Capital Increased Productivity 24% with VISO TRUST
About Bain Capital
Bain Capital, LP is one of the world’s leading private investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into several asset classes including private equity, credit, public equity, venture capital and real estate. We leverage our shared platform to capture cross-asset class opportunities in strategic areas of focus. With offices on four continents, our global team aligns our interests with those of our investors for lasting impact.
The challenge
Bain Capital faced significant challenges in managing third-party vendor risk. Their existing manual processes were time-consuming and inefficient, which hindered their ability to scale operations.
Key challenges included:
- Lengthy Assessment Processes: Vendor assessments took up to three weeks to complete, largely due to reliance on an extensive questionnaire and manual document reviews.
- Resource Constraints: The small vendor risk team, consisting of a manager, a senior analyst, and an intern, was bogged down by the volume of work.
- Vendor Cooperation: Vendors struggled with their previous platform, leading to delays and frustration. A Bain Capital team member said, “A lot of time was spent back and forth just trying to get our vendors into the platform that we were using.”
The solution
Bain Capital chose VISO TRUST because it offered the following key advantages that addressed their specific needs.
Automation and efficiency
Bain Capital implemented VISO TRUST’s AI-powered third-party risk management platform to automate and streamline their vendor risk assessment processes. The platform’s automation capabilities meant that vendors could easily upload documents and complete assessments within five to 10 minutes.
Improved productivity
The automation of the assessment process allowed for more insight into managing the residual risks of Bain Capital’s third parties due to the ability to implement continuous monitoring of the most critical vendors. A member of the Bain Capital team said, “VISO TRUST has allowed us to get more visibility into our whole environment, because our process is just way more streamlined.”
Enhanced vendor relationships
The ease of use and efficiency of VISO TRUST’s platform improved vendor cooperation and satisfaction. Vendors appreciated the reduced time and effort required to complete assessments compared to traditional methods. “We like to reiterate to our vendors that it’s a five to 10 minute process for them. It’s not going to take hours or days. It’s just so easy to use,” said a team member.
The results
Since implementing VISO TRUST, Bain Capital has seen substantial improvements in their vendor risk management processes.
Increased assessment capacity
The number of completed assessments, comparing 2022 to 2023, showed a 24% boost in productivity.
Time savings
The streamlined process reduced the assessment completion time by approximately 50%, allowing the team to handle more assessments without additional headcount. “The time required for vendor assessments went from two or three weeks to about a week to a week and a half,” a team member highlighted.
Strategic focus
The vendor risk team could now allocate more time to their highest inherent risk vendors and implement a continuous monitoring program with the goal of reducing overall residual risk to Bain Capital. Bain Capital explained, “VISO TRUST has let us focus more on some of the security initiatives outside of just doing assessments.”
Conclusion
Bain Capital’s partnership with VISO TRUST has been transformative, enabling the firm to manage third-party risks more effectively and efficiently. By leveraging VISO TRUST’s advanced AI technology, Bain Capital not only improved its operational efficiency but also strengthened its vendor relationships and overall security posture. This highlights the strategic value of adopting innovative solutions like VISO TRUST to stay ahead.