The enhancements come as compliance professionals around the world grapple with third-party concerns and an evolving regulatory landscape.
PORTLAND, Ore., January 26, 2017 — Leading ethics and compliance software and services company NAVEX Global® today announced the release of RiskRate 5.0, the latest evolution in the company’s third-party risk management software. With the release, organizations will have a comprehensive solution for managing third-party relationships that can integrate into existing systems.
“Organizations around the globe are still coming to terms with how best to manage third parties to limit risk—even as most expect to increase the number of third parties they work with or to deepen existing relationships,” said David Nash, NAVEX Global SVP, Product Planning & Management. “We’ve upgraded RiskRate to provide organizations with more effective and seamless abilities to monitor the third parties they work with and gather information relevant to their specific organizational needs.”
NAVEX Global’s 2016 Ethics & Compliance Third Party Risk Management Report identified conflicts of interest, bribery and corruption, cyber security and fraud as top concerns among compliance professionals. Feedback from customers struggling with these issues was instrumental in developing the enhancements released as part of RiskRate 5.0. Most impactful is the ability to populate RiskRate with third-party data as collected through questionnaires that customers can customize. Additionally, individuals throughout each organization can more easily upload data on third parties and use RiskRate to identify trends and discrepancies—before they become red flags.
Other enhancements in RiskRate 5.0 include:
- As part of the customized questionnaires, questions can be scored and branching logic can be applied to assist in the assessment of third parties regarding organizational risk thresholds
- RiskRate’s data collection methods have been improved to help filter out unnecessary or unwanted results
- The user interface has been upgraded for easier navigation and more intuitive use of the platform
- Clients can now control batch uploading and screening of third-party information
Most organizations recognize that third parties are an extension of their own business. The exposure they create are just as serious as those from internal sources. “The improvements in RiskRate 5.0 provide organizations with what they truly need—a better way to track vendors and other third parties throughout their supply chain,” said Nash. “Given that regulators are increasingly taking cooperation and existing due diligence programs of organizations into account when making decisions regarding compliance matters, RiskRate 5.0 will help ensure that third-party partners meet the expectations and standards organizations demand internally and from their own employees.”
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