NAVEX enhances RiskRate to simplify self-registration and third-party onboarding processes

NAVEX has updated RiskRate, its third-party risk screening and monitoring solution. RiskRate Due Diligence is part of the NAVEX One suite of Third Party Risk Management (TPRM) solutions. The enhancements offer self-registration and third-party onboarding processes, as well as accessible Ultimate Beneficial Ownership (UBO) data.

In an environment of continued supply chain disruption and geopolitical instability, the potential exposure to third-party risk is constantly evolving. As organizations scale up their TPRM efforts, the streamlined integration of all third parties into an overall risk management program is essential 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However, outdated data collection processes via email, spreadsheets and survey tools create manual review cycles and require cumbersome data entry, while preventing a detectable and verifiable chain of custody in collection. of data.

Streamline 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 potential 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 Integration Assessment Portal also allows customers to use the new NAVEX One Integration Assessments. Translated into over 15 languages, these templates provide organizations with the foundation needed to capture third-party details relevant to their TPRM program.

“Third-party risk management is increasingly complex in today’s environment. Yet, it has never been more critical for organizations to protect their business,” said Haywood MarshGeneral Manager NAVEX Integrated Risk Management.

“Our updated RiskRate solution simplifies TPRM so organizations can automate time-consuming data collection, streamline third-party record maintenance, and ultimately better mitigate their third-party risk,” added Marsh.

Enhanced third-party proprietary data to stay compliant

NAVEX has focused 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 growing global anti-money laundering and asset control regulations, this enhanced dataset helps organizations stay compliant with directives such as the EU’s Fourth and Fifth AML Directives ; the United States Anti-Money Laundering Act (AMLA); the Corporate Transparency Act (CTA); German Supply Chain and EU Due Diligence Directives; and the Office of Foreign Assets Control 50% rule.

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