HSBC Securities Services
|Purchase Category:||Financial Services|
Collecting information via spreadsheets or word processing documents is time consuming and error prone. The volume of data collected each year as part of HSBC's custody monitoring is significant, and there is inevitably duplication year on year. The challenge was to find a way to manage this process more efficiently so that changes in information would be identified quickly and accurately.
Thomas Murray, a banking research and consulting company, has been been managing financial RFPs and monitoring questionnaires via SupplierSelect (and its predecessor) for over 10 years. HSBC previously had exposure to SupplierSelect through the respondents side - responding to RFPs. When searching for ways to optimize their custody network management they approached Thomas Murray.
After an extensive process of due diligence and testing, HSBC concluded that SupplierSelect would enable them to improve their processes for the monitoring and review of their network.