NAVEX IRM Out-of-the-Box accelerates third party and IT risk management

NAVEX released NAVEX IRM (Integrated Risk Management) Out-of-the-Box solutions to help organizations stand-up IT and third party risk management programs.

Many companies are now fully digital or hybrid and subject to growing ransomware attacks. They also face skyrocketing cyber insurance premiums and a skills shortage. To help address these growing challenges, NAVEX has developed pre-configured solutions that simplify the process of protecting the business from two of the most common threats.

NAVEX IRM Out-of-the-Box

NAVEX IRM Out-of-the-Box is easy to implement and quick to adopt. The two pre-configured solutions include IT Risk Management that automates workflows to help protect IT systems from attack along with Third Party Risk Management that automates the process of managing third parties to prevent them from being a window of attack.

Based on the NAVEX IRM solution, the new solutions are also fully configurable to evolve as a program matures.

“While the risk landscape changes quickly, many organizations simply don’t have the in-house expertise or personnel to build an effective IT or third-party risk management program from the ground up,” said Haywood Marsh, General Manager, NAVEX IRM.

“This Out-of-the-Box solution delivers a solid, quick-start implementation that benefits from NAVEX’s years of risk management expertise.”, Marsh added.

The power of NAVEX IRM Out-of-the-Box enables program managers to:

• Simplify their program and begin mitigating risk fast with pre-defined and configurable data libraries and organizational hierarchy creation.
• Grow end-user productivity with risk assessments using self-created or popular frameworks like COSO, NIST or CIS.
• Benefit from pre-populated risk registers that include program risks, controls, processes and other critical risks.
• Remove the confusion and delays often found with complicated risk management concepts with quick and simple to understand guided workflows that navigate users through the full risk management lifecycle.
• Speed adoption by reducing implementation time to days or weeks.
• Make informed and strategic decisions with dynamic and interactive reports and dashboards with real-time data for each user group.