NAVEX has updated 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 offer third-party self-registration and onboarding processes, as well as 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However, outdated data collection processes via email, spreadsheets and survey tools create manual review cycles and require tedious data entry, while preventing a discoverable,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 Onboarding Assessment Portal eliminates inefficient cycles with streamlined third-party self-registration. Third parties can now enter necessary business information and any additional details relevant to an organization’s review process directly into the portal, facilitating 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 onboarding assessments. Translated in 15+ languages, these templates provide organizations with the foundation needed to capture 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.”, added Marsh.
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.