Lockpath announced a new partnership with RapidRatings. This partnership aims to further risk management technology by broadening its scope to provide third-party risk visibility that includes financial health analytics.
The partnership will include a technology integration of RapidRatings’ Financial Health Rating within Lockpath’s Keylight Platform, a governance, integrated risk management and compliance (GRC) solution.
This integration will benefit joint customers, who will be able to garner a view of the risk posed to them by vendors, partners, suppliers and third parties in general.
Financial health is the gateway to understanding a vendor or supplier’s strengths and weaknesses and provides a benchmark for choosing who to partner with in the short and long term.
The Financial Health Rating’s numeric score, 0-100, depicts a company’s financial viability, operating efficiency, probability of default, and ability to maintain operations during a disruptive event.
RapidRatings will provide financial insights within Keylight to help customers better manage third-party risk.
“We’re excited to partner with RapidRatings to provide accurate, predictive insight into the financial viability, operating efficiency, and probability of default of companies our customers do business with,” said Chris Caldwell, CEO and co-founder of Lockpath.
“Visibility into financial health will help our customers avoid entering into agreements with companies that may fail to deliver on their promises, greatly benefitting their third-party risk management programs.”
Lockpath’s partnership with RapidRatings comes at a time when organizations need to better manage third-party risk. This is due to new regulatory requirements and pressure from executives.
“Reliance on third-party partners continues to grow, highlighting the need for holistic third-party risk management,” said James Gellert, Chairman & CEO at RapidRatings.
“When it comes to vendors and suppliers, their risk is your risk. Understanding financial health of third and fourth-party vendors and suppliers helps provide greater visibility and control of third-party risk management.”
Lockpath’s Keylight Platform integrates the vendor lifecycle into processes and includes capabilities for information gathering, due investigation, risk assessments, contract negotiation, monitoring and termination workflows.
By centralizing all this information in one solution and providing reporting capabilities, Keylight allows organizations to better manage vendor risk and to reduce the risk of non-compliance.