About OVO
OVO is Indonesia’s first fintech unicorn and a leading digital payment and financial services platform serving Indonesians nationwide.
OVO's continued effort to drive financial literacy and financial inclusion across Indonesia has made a real impact on the lives of Indonesians. OVO was recognized as FinTech of the Year at The Asia FinTech Awards 2021 and Financial Inclusion Initiative of the Year - Indonesia at the ABF Retail Banking Awards 2021.
The Challenge
OVO is committed to mitigating third-party risks, but manual processes limit the impact of this effort.
OVO’s security team managed risk assessments with Excel spreadsheets, and submission reminder emails had to be manually composed for each vendor.
The delays created by these manual processes meant that OVO was unaware of potential risk exposures between assessment submissions. The limited visibility into their attack surface prevented OVO’s security team from embracing a proactive approach to third-party risk mitigation.
The Solution
Johnny Febrian, OVO’s security assurance strategist, championed the search for a solution.
Johnny started investigating UpGuard after an OVO investor - and current UpGuard customer - recommended the solution.
After being impressed by UpGuard’s dominance in Gartner’s Vendor Risk Management category, Johnny signed up for a trial.
Johnny quickly noticed that the solution not only met OVO’s minimum operational requirements but also included features that could significantly elevate the company’s VRM efforts.
Soon after signing up for a trial, OVO became an UpGuard customer.
The Results
Clusters of spreadsheets have now been replaced with a single platform that manages and tracks the status of each risk assessment.
Johnny and his team are always aware of which assessments are due and which haven’t received a response yet. This awareness is facilitated by UpGuard’s built-in scheduler and notification systems.
“We love the notification feature that reminds us of which questionnaires are due. It helps us efficiently manage multiple vendors.”
OVO has removed concerns about overlooking regulatory compliance efforts with greater control over their risk assessment management.
“If we don’t comply with certain government regulations, we face serious fines. UpGuard helps us remain compliant.”
Since implementing UpGuard, OVO’s vendor onboarding process has significantly accelerated. In combination with real-time security rating, streamlined risk assessment processes allow Johnny’s team to assess a prospective vendor’s security posture rapidly.
“UpGuard’s automatic scanner is very helpful and easy to understand. The dashboard shows us all the information we need. I believe anyone can understand the dashboard.”
OVO has also developed a highly-targeted third-party risk mitigation process by combining UpGuard’s custom questionnaire builder and its Vendor Tiering feature.
“We can now ask prospective vendors to mitigate certain risks before a partnership agreement is signed.”
Custom questionnaires allow Johnny and his team to contextualize risk assessments based on emerging threats and personal security requirements. In addition to this, UpGuard’s Vendor Tiering feature empowers Johnny and his team to focus on the remediation efforts that have the biggest positive impacts on OVO’s security posture.
“I love that UpGuard allows us to provide feedback for specific risk assessment responses. It’s the first time I’ve come across such a feature.”
UpGuard has helped OVO transition from a reactive to a proactive risk mitigation strategy by accelerating OVO's responses to potential vulnerabilities.
Want to experience the same vendor risk management benefits as OVO?
Information Security - Security Assurance Strategist, OVO
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