Congratulations to Rob Seibel, Director of Legal Compliance at Abercrombie & Fitch Co., for receiving Compliance Week’s Excellence in Compliance Award!
Seibel was awarded the Excellence in Third-Party Risk Management Award for his standout work in implementing and standardizing Abercrombie & Fitch’s Third-Party Risk Management program. According to Abercrombie & Fitch Chief Ethics and Compliance Officer Forrest Deegan, Seibel has been key to the operationalization of third-party risk processes.
Creating a Vendor “Front Door” to Automate and Streamline Third-Party Risk
Seibel has been with Abercrombie & Fitch for over five years. He initially played a key role as the team’s corruption SME, developing the risk logic for that function. He quickly transcended that work and become the internal guru on risk logic across all SME groups, including information security, reputation, and financial risk. His work ethic, personal accountability and continuous improvement mindset have helped keep Abercrombie & Fitch on track to making third-party risk system processes better at every turn.
Specifically, Seibel’s work in helping to implement ProcessUnity Vendor Risk Management was crucial in streamlining formally manual third-party risk processes. Thanks to Seibel, third-party risk management is now the “front door” into the company for new vendors.
Under Seibel’s management, Abercrombie & Fitch has enjoyed the benefits of a standardized, consistent approach to third-party risk management powered by a centralized system of record. ProcessUnity automatically routes the right information to the right people to ensure proper vetting — backed up by a documentation trail — across all key risk areas.
Seibel and his team have real-time visibility into the state of third-party risk and can easily demonstrate to regulators the existence of a consistent, reliable and repeatable program. Interactive dashboards that Seibel has developed give management visibility into ongoing risk assessment progress, remediation activity status, and vendor ratings, while drill-down capabilities allow risk managers to quickly find details in areas of concern.
How ProcessUnity Is Helping Global Retailers Identify and Remediate Third-Party Risks
Before ProcessUnity, Abercrombie & Fitch had a siloed risk mitigation process, with each of the company’s individual risk areas independently vetting third parties using a combination of email, spreadsheets, and manual tracking.
In 2016, Abercrombie & Fitch selected ProcessUnity to help identify and remediate risks posed by critical vendor relationships. ProcessUnity provided unparalleled configurability for building out the retailer’s questionnaire-based workflows with extensive logic that triggered specific actions and escalations by risk area. The solution also offered comprehensive management-level reporting to monitor progress, reduce operational exposures, and ensure that results would stand up to regulatory scrutiny.
Learn how Abercrombie & Fitch has eliminated silos and aligned people, processes, and technology around a standardized third-party risk management program. Access the Abercrombie & Fitch case study here.