NAVEX Global Releases RiskRate® 7.0 to Improve Third-Party Risk Management Through Increased Automation and Features
Summary
New features will allow customers to create specific rules that drive consistent, automated actions – thereby improving efficiency while simultaneously adhering to regulatory guidelines.Failure to effectively manage this risk can lead to increased scrutiny and sizable financial penalties – not to mention potentially substantial reputational damage,” said David Nash, NAVEX Global senior vice president of product planning & management.This year’s report found that more than a third of organizations still use paper-based records or disparate office productivity software (word processing, spreadsheets, etc.This despite clear evidence that regulatory agencies take good-faith efforts to manage third-party risk using available technologies into account when levying penalties and deciding whether to prosecute.NAVEX Globals comprehensive suite of ethics and compliance software, content and services helps organizations protect their people, reputation and bottom line.
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