Self-serve third-party registration enhances the accuracy and efficiency of TPRM programs
Portland, ORE.—August 24, 2022—NAVEX, the leader in integrated risk and compliance management software, today announced significant updates to RiskRate, its third-party risk screening and monitoring solution. RiskRate’s due diligence is part of the NAVEX One platform suite of third-party risk management (TPRM) solutions. The enhancements announced today offer newly simplified third-party self-registration and onboarding processes, as well as more easily accessible ultimate beneficial ownership (UBO) data.
Amid continued supply chain disruption and geopolitical instability, the potential exposure to risk from third parties is ever evolving. As organizations intensify their TPRM efforts, the streamlined integration of all third parties into an overall risk management program is critical to keeping the business informed, prepared and protected. However, outdated data collection processes via email, spreadsheets and survey tools create manual review cycles and require tedious data entry, while preventing a discoverable, auditable chain of custody in data collection.
Streamlining third-party data collection and maintenance
RiskRate’s new Onboarding Assessment Portal eliminates inefficient cycles with streamlined third-party self-registration. Third parties can now directly enter necessary business information and any additional details relevant to an organization’s review process directly into the portal, facilitating easy communication between RiskRate administrators and prospective third parties.
Once all necessary third-party information has been received and accepted by RiskRate users, a record is created to seamlessly begin and continue risk screening.
The Onboarding Assessment Portal also allows customers to use NAVEX One’s new best-practice onboarding assessments. Fully translated in 15+ languages, these templates provide organizations with the foundation needed to capture the most crucial third-party details relevant to their TPRM program.
“Managing third-party risk is increasingly complex in today’s environment. Yet, it has never been more critical for organizations to protect their businesses,” said Haywood Marsh, General Manager NAVEX Integrated Risk Management. “Our updated RiskRate solution simplifies TPRM so organizations can automate time-intensive data collection, streamline maintenance of third-party records and ultimately better mitigate their risk from third parties.”
Enhanced third-party ownership data to remain compliant
NAVEX has introduced a revitalized focus on ultimate beneficial ownership data, powered by Dun & Bradstreet, directly through RiskRate, making this information more cost effective and easily accessible. Necessary to maintain compliance with increasing global regulations on anti-money laundering and asset control, this enhanced data set helps organizations remain compliant with directives such as the EU Fourth & Fifth AML Directives; the US Anti Money Laundering Act (AMLA); the Corporate Transparency Act (CTA); the German Supply Chain & EU Diligence Directives; and the Office of Foreign Asset Control 50 Percent Rule.
To learn more about NAVEX One’s third-party risk management solution, RiskRate, visit the product page or read “Accelerating Risks Highlight Benefit of Mature Third-Party Assessment” on NAVEX’s industry blog, Risk & Compliance Matters.
NAVEX is the recognized leader in risk and compliance management software and services, empowering thousands of customers around the world to manage and mitigate risks with confidence. NAVEX’s mission is to help customers promote ethical, inclusive workplace cultures, protect their brands and preserve the environment through sustainable business practices. For more information, visit NAVEX.com and our blog. Follow us on Twitter and LinkedIn.