Third Party Risk Management (TPRM) enabled by Cloud Identity Wallets

How can we shorten the supplier onboarding effort in Third Party Risk Management from the thirty days that is typical today, to only three days?

Together with members of the Pharmaceutical Supply Chain Initiative (PSCI) and other partners, we built an interoperable blockchain solution for TPRM processes that enables faster onboarding and more efficient compliance data management. Based on this, the participating members of the PSCI save valuable time and money.

Suppliers holding a decentralized digital identity are able to re-use answers from standardized self-assessment questionnaires and can present them as credentials multiple times. On the other end, pharma companies can validate the credentials from suppliers in a reliable, automated way. Both suppliers and pharma companies manage their digital identity and associated credentials in Spherity´s interoperable Cloud Identity Wallet. Suppliers and pharma companies can prove the authenticity of shared compliance data by verifying the holder’s and issuer’s identities on the blockchain.

Benefits

  • Re-usage of data from self-assessment questionnaires (based on harmonized PSCI templates)
  • Automated verification of answers (credentials)
  • Interoperability with other Identity Wallet providers and verification systems

Features

  • Credentialize compliance data
  • Add files to credentials
  • Store, present and verify TPRM credentials
  • Establish secure communication channels

Client Testimonial

“Based on our successful collaboration with Spherity, the industry agreed to further investigate the usage of W3C Decentralized Identifiers and Verifiable Credentials technology to electronically verify Authorized Trading Partners in the saleable returns verification process in an industry-wide pilot.”

oliver-nuernberg-sap-life-sciences

Dr. Oliver Nuernberg
Chief Product Owner, SAP Life Sciences

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