Omnea, a leading procurement orchestration platform, has announced its partnership with Thought Machine, a cloud-native banking technology innovator. This collaboration aims to embed advanced third-party risk management and financial governance within Thought Machine’s procurement processes, ensuring an exceptional experience for requesters, reviewers, and suppliers alike.
The integration enables Thought Machine to streamline legacy vendor systems, unify risk management, and centralize procurement intake, approvals, and supplier management within Omnea’s platform. Employees can submit requests effortlessly, which are then intelligently routed to appropriate security and finance reviewers. The platform also automates the distribution of security questionnaires to suppliers, ensuring compliance with stringent regulations, such as the Digital Operational Resilience Act (DORA).
Enhanced Compliance and Operational Resilience
Nitesh Palana, Director of Risk and Compliance and Head of Government Affairs at Thought Machine, stated:
“Omnea’s platform allows us to embed consistent security and compliance frameworks into our procurement processes, meeting rigorous regulatory standards like DORA. After thoroughly evaluating the market, Omnea’s focus on risk management made them the ideal partner for transforming our procurement operations.”
Streamlining Modern Banking Infrastructure
Abhirukt Sapru, Chief Commercial Officer at Omnea, expressed enthusiasm about the partnership, saying:
“Thought Machine is reshaping banking infrastructure and payments for the modern age. We’re excited to support their efforts by enhancing third-party risk management and delivering seamless, efficient procurement processes.”
This partnership underscores Omnea’s commitment to advancing procurement governance while reinforcing Thought Machine’s position as a leader in innovative banking technology. Together, the two companies aim to set a new benchmark for operational resilience and compliance excellence.
—————————————————————————————————
About Innovation Streets:
Welcome to InnovationStreets.com! Get the latest insights from the finance and technology industries. Discover industry updates on fintech innovations, regulatory developments, industry insights, events, and collaborations between banks, insurers, and fintechs. A platform for C-level executives to submit thought leadership content for their peers. Subscribe for updates!
