RiskRate® Enterprise Due DiligenceDownload
About this Datasheet
RiskRate, by NAVEX, is built to help you execute on a best practice based third-party due diligence program and actively reduce your risks. Accessible anytime and anywhere to your program stakeholders, RiskRate is a purposebuilt solution through which your third-party due diligence can be streamlined, centralized and expertly managed.
- For anyone responsible for:
- Third party risk management, vendor management, third party due diligence
- What you'll learn:
- Why RiskRate is the best solution through which your third-party due diligence can be streamlined, centralized and expertly managed
- How RiskRate empowers you to actively reduce your organization’s unique risks
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RiskRate: Enterprise Due Diligence
Third-party risk is a top concern for organizations in every industry and of every size, shape and location. Third-party engagements tend to be numerous, intricate and closely aligned to key organizational functions. Effective third-party due diligence and risk management is critical to the success of your business. After all, your third party’s risk is your risk.
The Right Approach to Third-Party Due Diligence
RiskRate, by NAVEX, is built to help you execute on a best practice based third-party due diligence program and actively reduce your risks. Accessible anytime and anywhere to your program stakeholders, RiskRate is a purpose-built solution through which your third-party due diligence can be streamlined, centralized and expertly managed.
RiskRate empowers you to:
Identify & Stratify Risk
Effective third-party due diligence starts with identifying and prioritizing your organizational risks related to your industry, regulatory environment, and dependency on third parties, and your third party risk factors, based on their geography, types, government engagement, and contract value. Identify, surface and manage your most critical risks with RiskRate.
Manage Your Risk Where It Exists
Use a risk-based approach to score and isolate your high risk third-party engagements based on your weighting criteria and program best practices as defined by the FCPA Resource Guide. RiskRate enables you to evaluate the complexities of your third parties’ risks at multiple levels, allowing for basic to enhanced due diligence reporting and analysis according to the level and nature of your risk. Score your risks based on your rating criteria and concentrate your mitigation resources where they will have the highest impact.
Onboard Your Third Parties
Onboard your third parties systematically and consistently through proven vetting processes that include customizable questionnaires, bulk updates, shared communications, policy training, attestation and alignment with expectations and rights.
Apply Business Rules to Streamline Risk Stratification
RiskRate’s business rules tool allows customers to define risk scoring criteria based on the organization’s risk profile to streamline onboarding and risk assessment processes. Our Profile Risk tool further allows for the scoring and visual representation of the relative risk of each of your third parties.
Screen and Continuously Monitor Your Third Parties
Screen and continuously monitor your third parties against adverse media, sanctions lists, politically exposed persons and more via our always-on screening and monitoring solution. Receive real-time reputation alerts when a third party’s status changes and pursue additional due diligence when needed.
Access Analyst-led Reviews
With RiskRate, you can integrate analyst-led enhanced due diligence to most reporting, which can reduce false-positives and allow you to validate reporting on specific issues, get guidance on risk mitigation steps and ensure informed resolutions to timely alerts.
Centralize Management and De-centralize Processes
The best third-party due diligence solutions centralize and consolidate all key processes and records into a single platform, and enable access to users and stakeholders across the organization.
Uniform processes, templates, reports, and workflows among clearly identified stakeholders help organizations better manage third-party risks. Visibility into risk scoring, evaluation criteria, approvals and outcomes ensures everyone is on the same page.
Apply Automation and Transparency
Redundancy, duplication, misaligned processes and reporting are crippling to a third-party risk program. Automation ensures always-on reporting, monitoring and record keeping, real-time notifications, auditability and process efficiencies. Pursue a proper risk-based approach and take action to limit your known risks with RiskRate, from NAVEX.
Expand Your Due Diligence Program to Integrated Risk Management
RiskRate Enterprise Due Diligence integrates with Lockpath Integrated Risk Management to help companies take a more comprehensive approach to third-party risk management. With more capabilities to manage and report on risk, you can gain a better understanding of how third parties impact your operations to better protect your business and its reputation. Contact a NAVEX representative to learn more.
NAVEX’s GRC software and compliance management solutions support the integrated risk, ESG and compliance management programs at more than 13,000 organizations worldwide.