WEX (NYSE: WEX) Streamlines Assurance Requests with SecurityPal

WEX recognized opportunities to hone customer assurance reviews and documentation across its complex organizational structure. Partnering with SecurityPal allowed WEX to expedite reviews, streamline internal documentation, and develop self-serve capabilities to reduce workload.

The Challenge: Creating Dedicated Workflows for Assurance Requests

Operating with limited customer assurance resources presented a challenge at WEX that led to the decision to  automate processes. The customer assurance team managed a high volume of questionnaires and documentation requests, resulting in long turnaround times for WEX’s customers and vendors. Additionally, WEX needed a self-serve option to automate the submission and ticketing process for assurance inquiries.

“We needed dedicated workflows to manage customer assurance requests,” Lori Norman, Sr. Director of Global Resilience and Third Party Risk Management, explains. “Our organizational structure is complex and growing. It was challenging to build efficient processes and maintain an ever-evolving knowledge library that could scale.”

WEX is a global, diverse organization, so building and maintaining a knowledge library is no simple feat. They had been working on standardized documentation for nearly seven years, but to build this required a customized tagging system to connect the dots between various products and platforms across the organization.

WEX sought a solution that would automate the request process, streamline dedicated workflows for various assurance inquiries, develop self-serve capabilities, and standardize documentation across their global organization.

The Solution: Scalable Expedited Assurance Reviews

With the tools and resources offered by SecurityPal, relationship managers at WEX can self-serve prepared assurance documentation on behalf of their customers. This removes the need for additional internal resources at WEX to manage those requests. WEX also uses SecurityPal Questionnaire Concierge, leveraging both AI technology and seasoned security analysts to automate and streamline the review process. Questionnaire Concierge has reduced WEX’s turnaround time by half, achieving an average turnaround time of 2.2 days.

"As soon as a request is submitted to our team, it goes straight to SecurityPal,” Heidi Burgess, Third Party Assurance Program Manager at WEX, says. “The analysts at SecurityPal are efficient and reliable. We can even expedite turnaround times as needed, and our dedicated SecurityPal team is highly responsive to our requests.”

SecurityPal’s Knowledge Library allows WEX standardized documentation, constantly updated with the most accurate information regarding security posture, products, processes, practices, and more. With the support of highly skilled SecurityPal analysts, WEX now has a single source of truth for knowledge across their global organizational structure, ensuring that questionnaire responses are more accurate, efficient, and compliant.

“SecurityPal takes a first pass at every questionnaire, and sends it to us at least 80% complete,” Norman shares. “The turnaround time has had a positive impact on our operations, and our confidence  in the accuracy and consistency of the answers has significantly reduced the amount of time our team spends reviewing and finalizing questionnaires.”

This feedback underscores the impact of SecurityPal’s solutions, which has expedited the entire review process for WEX, while improving accuracy and compliance.

The Impact: A Flexible Partnership that Supports Growth

The partnership with SecurityPal has empowered WEX to significantly reduce its turnaround time for questionnaires. As WEX expands, they anticipate being able to handle the higher volume and increasing complexity of questionnaires with SecurityPal. To-date, they have been able to implement new, streamlined processes across the company globally in a way that will continue to scale as they grow.

“I love that we have a dedicated team with SecurityPal,” Burgess says. “Jamie has been working with us from the beginning. We have a broader team of SecurityPal analysts, while at the same time funneling communications through a single person has streamlined our partnership.”

SecurityPal is powered by AI but driven by a dedicated team of human experts. This allows for flexibility and collaboration: vital components of a successful partnership.

“I have never heard ‘no’ from SecurityPal,” Burgess says. “I feel like I can bring anything to the table, and their team is open to creating a solution that will support our needs. I can’t stress enough how beneficial this is in a partnership. Avoiding the need to coordinate various solutions into one process is priceless. SecurityPal’s flexibility and responsiveness allows us to have a one stop shop for all things customer assurance at WEX.”

WEX has forged a pivotal alliance with SecurityPal, a partnership that has become indispensable in expediting the assurance request process while upholding the highest standards of precision and compliance essential in today's digital landscape. This collaboration has streamlined operational workflows that support WEX’s expanding portfolio and supports an innovative roadmap to drive self-serve offerings to meet the company’s customer assurance needs.

To learn more about how SecurityPal can improve your security questionnaire process with increased efficiency and accuracy, contact us today.