Case Study

Danske Bank Drives Supply Chain Governance and Compliance Using Brooklyn; Achieves 200% Resource Efficiency Gains and Digital Fitness for Audit

Ethan Healy 2 years ago

Scale Contract Management Capabilities & Improve Regulatory Financial Services Compliance Across Strategic IT Suppliers

Discover how Brooklyn Vendor Assurance helped Danske Bank drive governance through a single tool and deliver against the European Banking Authority (EBA) outsourcing governance and Danish FSA regulatory financial services compliance.

We can now demonstrate to the EBA and the Danish FSA that we are in full control of our agreements, we know everything about how they are built, we have information on sub outsourcing, we have information on GDPR. BVA is a very important brick in building this regulatory financial services compliance house.

Lars Skopek Hansen - Lead Contract Manager. Danske Bank
BVA and Danske Bank Financial Services Compliance

Download our free financial services compliance case study today.

Download Case Study

Case Study Breakdown:

  • Project Summary
  • Background
  • The Challenge
  • The Solution
  • The Results

Project Summary

  • Delivering against the EBA outsourcing governance and Danish FSA regulatory financial services compliance
  • Establish and maintain a ‘fit for audit’ stage
  • Overseeing outsourcing of services
  • Overseeing outsourcing of business critical services and processes
  • Driving governance and relationship management through a single tool
  • Gaining a holistic view of vendors


Danske Bank is a Danish multinational banking and financial services corporation founded 5th October 1871. Headquartered in Copenhagen, it is the largest bank in Denmark and a major retail bank in the northern European region with over 5 million retail customers.

Danske Bank is a Nordic bank with strong local roots and bridges to the rest of the world. Denmark, Sweden, Norway and Finland are our four core markets. Presence in seven other countries offers access to the rest of the world for Nordic businesses and serves as a gateway to our region for international businesses.

The Personal & Business Customers unit provides advisory services to personal customers, Private Banking customers and small and medium-sized businesses. The Large Corporates & Institutions unit caters to the most complex financing and transaction needs of large corporate and institutional customers, helping them to prosper and grow.

The Challenge

This all derived from the Bank’s continuous improvement activities as well as an inspection from the Danish FSA. As part of a larger inspection, the Danish FSA investigated Danske Bank’s methods of outsourcing, how they were running RFIs and RFPs and if their management of vendors complied with the European Union regulations set out by the European Banking Authorities.

Questions were asked, whether Danske Bank could demonstrate to be in full control of outsourced activities, in terms of running sufficient governance, monitoring the vendors performance as well as having mitigation and business continuity plans for the eventuality of a vendor relationship breakdown.

The Danish FSA was largely satisfied with Contract and Performance Management’s implemented methodology for managing supplier agreements, having the processes and the ‘state of the art’ contract management framework in place. Despite having those key elements in place, DFSA conveyed four concerns:

  1. Evidence on managing a vendor correctly was difficult, requiring manual and resource intensive activities to fully demonstrate. Legacy systems, data siloes and the use of both mail and SharePoint were required to assemble historical governance evidence.
  2. There was no active audit trail supporting evidence logging related to governance reviews with the suppliers, and , providing data for reviews and audits
  3. There was no holistic view of the vendors, showing actual vendor health (achieved performance and compliance score, finance, governance execution etc.)
  4. The scope of vendors managed was too narrow, and should include all Danske Bank Outsourcing Arrangements. Up until this point, the Contract and Performance Management focus was targeted towards the IT arrangements critical to delivering valuable and 24/7 services to the banking customers.

Driving Regulatory Financial Services Compliance

Based on the concerns raised, Contract and Performance Management decided to start up two development tracks:

First, was to place all governance activities into a single tool. Outlining meetings, fixed agendas, documenting all participants and action logs from meeting to meeting – in a uniformed and consistent manner across the whole business. The tool solution should include a searchable Audit Log.

Second, was to oversee and manage all outsourcing arrangements more intensively, in order to comply with the Outsourcing Regulations set out by the European Banking Authorities. Parts of this activity would later be embedded into a Danske Bank-wide EBA programme.

At this stage, Danske Bank carefully considered market leading procurement and service management platforms ideally selecting a tool easy to deploy with an out of the box fit and low total cost of ownership. Based on the investigation Danske Bank decided to run a POC on the BVA tool, expecting the tool to deliver the ‘one stop’ platform needed.

Download our free financial services compliance case study today.

Download Case Study

The Solution

Working collaboratively with BVA, Danske Bank were able to fully integrate audit tracking against the EBA Guidelines framework. Meaning, they are always digitally ‘fit for audit’ against financial services compliance requirements.

Using the BVA tool, Danske have now divided all their agreements into three tiers: Basic, Intermediate and Complex. This enables them to better manage resource dependencies on contract level. Basic agreements are self-paced, with the additional automation they benefit from the BVA tool. For Intermediate agreements, they can now manage 6 contracts per FTE, which before BVA was very difficult. For Complex Agreements one contract manager can now manage 3 agreements.

We have effectively doubled the number of contracts we can now manage with the help of the BVA tool.

Lars Skopek Hansen - Lead Contract Manager. Danske Bank

This has been achieved by minimalising the manual efforts of running all those disciplines within governance and using the AI automation for assessing performance data. Next step is to activate the SOE (Smart Onboarding Engine) tool to validate different agreements against different sets of requirements (GDPR, EBA etc.).


Through building dashboards on different vendors, BVA has empowered Danske Bank’s Contract Owners by delivering complete visibility of how a vendor is running in real-time.

Here you have everything in a box. This dashboard really delivers what you need to know about how a vendor is running – whether you are getting benefit for your money or if this vendor is a problematic relationship. It (BVA) gives you all the information needed to arm yourself for the next governance meeting to address problems correctly.

Lars Skopek Hansen - Lead Contract Manager. Danske Bank

Before the BVA solution was introduced, meeting action lists were maintained in Excel – with no connected documentation to track. Danske now benefit from full contract obligation management and tracking, with fully documented minute meetings and preparation notes of their review meetings.

If we take decisions during a meeting, we now have visibility of who is present for decision making. Which is part of the FSA regulatory requirements.

Lars Skopek Hansen - Lead Contract Manager. Danske Bank

Danske Bank can now benefit from fully automated capture and easily accessible audit history, documented evidence and reasonable steps recommended by the BVA platform.

The Results

With 200 agreements in place, Danske Bank started with a Contract & Performance Management team. Through the adoption of the smart BVA tool, and the direction they are trying to evolve their team, they have now established a Vendor Management Office. They still run the basic contract and performance management discipline, but are now more Vendor Management focused. They hold responsibility for outsourcing arrangements related to the EBA regulations, but also have 50-60 agreements of critical nature to IT Operations that are not classified as outsourcing.


Because of the BVA tool, we were able to accelerate this change and bring forward the introduction of our new Vendor Management Office.

Lars Skopek Hansen - Lead Contract Manager. Danske Bank

Particularly against the EBA outsourcing governance, BVA provides the evidence needed to appease the EBA and Danish FSA that Danske Bank are in full control.

We can now demonstrate to the EBA and the Danish FSA that we are in full control of our agreements, we know everything about how they are built, we have information on sub outsourcing, we have information on GDPR. BVA is a very important brick in building this regulatory financial services compliance house.

Lars Skopek Hansen - Lead Contract Manager. Danske Bank

What the Future Holds

Collaboration has been a cornerstone of this project:

I think it’s important to stress here that we have had a fantastic collaborative project with the BVA team. They were very positive to our suggestions and the dialogue between the development team and everybody involved has been a fantastic journey - BVA is one of the most forthcoming teams I have ever met.

Audit log search functionality was a key requirement in early discussions. This previously required manual process to look across various disjointed documents. However, this functionality was not in place at the point the organisation engaged with BVA. Through collaboration, Danske Bank were able to drive this functionality by working alongside the BVA Product team with great success.

We wouldn’t be where we are now, if we didn’t have that fantastic collaboration and those open discussions.

Danske Bank are excited to open up to their contract owners and tell them: “You now have everything you need, in one easy tool: here are your agreements, you can drill down to performance reports, you can drill down to minutes of meetings and you can search using the audit log”. 

Danske Bank are keen on putting as much as they can related to vendors and agreements into BVA. The long-term goal is to move their current financial services compliance tool across into BVA, and to establish a ‘one stop shop’ for the stakeholders. Giving the Contract Owners, Subsidiaries, key stakeholders and the Vendor Management Office staff easy access to data showing vendor and contract health is key to the future operation; being a bank of 150 years heritage, they have many legacy systems to consider but are confident, with the collaborative approach they have experienced with BVA, of delivering by year end or early next year.

Engage with BVA to Drive Regulatory Financial Services Compliance for your Organisation

To discover how BVA can help support and drive regulatory financial services compliance for your organisation, please contact us today for more information. Alternatively, download our free customer case study here:

Download Case Study

About Brooklyn Vendor Assurance – Transforming Supplier Relationship Management

Brooklyn Vendor Assurance (BrooklynVA) is the first Enterprise SaaS software platform purpose-built for Supplier Relationship Managers (SRMs) and Contract Managers (CMs) to maximise business value across their 3rd Party Supplier ecosystem.

Today’s Best-in-Class Procurement functions are expanding beyond pure sourcing to post-contract vendor management, in order to lower costs, increase agility, drive innovation and reduce risk. BrooklynVA is the only integrated platform for doing this effectively at scale, to minimise the 10-15% of contract value leakage, lost annually from suppliers.

BrooklynVA surpasses legacy tools by digitising the entire vendor management lifecycle, to better control supplier obligations, performance and risk in one easy-to-use platform. BrooklynVA’s unique best practice policy-driven approach proactively guides SRM and CM teams with simple workflow to ensure obligations are met, risks mitigated and actions completed, with instant visibility of supplier performance, compliance and risk, across the full 3rd party ecosystem.

Request a Demo Today

Contact our Sales Team and we'll be happy to assist you with a demo session of BrooklynVA.