Customer story
How Coverbase Transformed Third Party Risk Assessments for Nationwide
EXECUTE SUMMARY
Nationwide's TPRM team was overwhelmed by manual third-party risk assessments
Analysts spent days and in some cases weeks per assessment buried in documentation. By adopting Coverbase, the AI-driven platform that adds automation to the risk-assessment process and surfaces actionable insights, TPRM significantly reduced the time required to complete assessments.
This improvement increased monthly assessment throughput, accelerated vendor onboarding, and strengthened the overall efficiency and responsiveness of the TPRM program while maintaining the rigor and quality which is essential to effective risk evaluation.
ABOUT THE CUSTOMER
TPRM plays critical role in safeguarding data and enforcing security standards
Nationwide is one of the largest insurance and financial services organizations in the United States. Unlike companies managing physical inventory, Nationwide manages massive digital supply chains that move far faster than physical goods.
Within this environment, TPRM plays a critical role in safeguarding data, enforcing security standards, and preventing risks across a complex ecosystem of third-party partnerships.
THE CHALLENGE
The manual workflow stretched bandwidth and reduced the time available to fully explore and understand the true nature of risk
Nationwideʼs TPRM team relied on manual and fragmented processes for risk assessments. Analysts were required to read and digest hundreds of pages of documentation, complete lengthy questionnaires, and enter data into spreadsheets manually. Communication occurred primarily over email, making tracking and coordination difficult.
The TPRM team’s assessment duration tended to be the longest step in the overall process. Analysts conducted comprehensive reviews, yet they frequently struggled to meet service expectations. The manual workflow stretched bandwidth and reduced the time available to fully explore and understand the true nature of risk.
TPRM discovered that very few tools on the market could truly alleviate this burden. “We didn’t have a solution we could buy that really helped our process,” said Weilbacher.
“The tools available could enhance the data we pulled in, but they didn’t make the work faster or easier. In many cases, they actually added complexity.”
Nic Weilbacher - Specialist Third Party Information Risk Management at Nationwide
THE SOLUTION
Coverbase produced clear, digestible data that analysts could review, and validate in a fraction of the time previously required
“A top priority was reducing the time required to complete risk assessments and accelerating the contracting process with third-party vendors without compromising the quality of our risk evaluations,”
After evaluating multiple options and making several attempts to streamline and improve the assessment process, Nationwide selected Coverbase. The platform aligned with TPRM use cases, addressed longstanding challenges, and offered a uniquely effective solution.
Coverbase produced clear, digestible data that analysts could review, validate, and approve in a fraction of the time previously required. What once demanded weeks of manual effort could now be completed in much shorter timeframes without sacrificing the depth and rigor necessary for accurate risk evaluation.
As assessment duration decreased, TPRM expanded its capabilities. Analysts were able to explore additional risk areas, collaborate more effectively across the business, and strengthen the overall maturity of the TPRM program.
Immediate impact with Coverbase
After onboarding and fine-tuning Coverbase, the impact was immediate. Assessment timelines decreased significantly, enabling TPRM to process more assessments each month while dedicating deeper focus to evaluating actual risk and engaging in more meaningful, informed discussions with stakeholders.
Increased efficiency = Expanded scope
TPRM began assessing additional risk types and uncovering issues previously hidden in lengthy manual processes. Within the first six months of adopting Coverbase, TPRM introduced new capabilities such as ongoing monitoring of third-party cyber events, breaches, and emerging indicators of risk.
Positioning for the Future of Risk Management
Beyond expanding what TPRM assessed, Coverbase improved how the work was performed. It elevated proficiency, sharpened insights, and enhanced TPRM's ability to identify, evaluate, and respond to risk with greater confidence and precision.
Results & Impact
Coverbase set a new bar for how TPRM evaluates AI tools
The clarity of output and the transparency behind the model reasoning enabled TPRM to make confident and well-informed risk decisions.
With Coverbase, assessment cycles became significantly faster, enabling TPRM to manage a greater volume of work without compromising diligence or quality. Analysts gained time to focus more deeply on understanding risk and to engage in more meaningful discussions with stakeholders.
Coverbase also helped TPRM achieve greater consistency in meeting service expectations, strengthening trust and improving collaboration across the organization.
In addition, Coverbase accelerated responsible AI adoption. Team members who were initially uncertain grew increasingly confident as the tool demonstrated value, which fostered enthusiasm for automation and supported ongoing skill development.
Overall, Coverbase helped transform TPRM into a more efficient, insight-driven, and forward-looking function capable of evaluating and responding to risk with greater clarity and confidence.