NAVEX Global today announced enhancements to its leading integrated risk and compliance management solutions which allow for a more holistic view of enterprise-wide risk. The enhancements are part of an ongoing strategy to increase interoperability between risk management systems and key compliance program functionality.
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In this initial phase, the company’s third-party risk monitoring and screening solution, RiskRate, and market-leading hotline incident management solution, EthicsPoint, will share data with its integrated risk management (IRM) platform, Lockpath.
These integrations come as organizations increasingly recognize the need to bring risk and compliance data together for a more holistic view across the entire enterprise to effectively manage risks. Strongly supported in the recent Committee of Sponsoring Organizations of the Treadway Commission (COSO) guidance, the alignment of risk management frameworks with ethics and compliance programs is deemed critical to improving overall business performance.
By combining and analyzing both compliance program data and operational risk data on a centralized IRM platform, customers gain a more complete picture of the risks they face, allowing them to make more informed decisions faster and with more confidence.
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The new integrations include:
- Integration of key third party reputational, anti-bribery and corruption compliance data directly from RiskRate into Lockpath to improve overall vendor risk management program effectiveness; and
- Integration of key employee hotline and incident management data directly from EthicsPoint into Lockpath to provide risk managers a unique view of potential internal risks identified by those using this reporting channel.
“Increasingly, companies are embracing enterprise risk management as both a performance enhancer and competitive advantage,” said Haywood Marsh, General Manager of NAVEX Global’s Lockpath business unit. “Executive management and enlightened board members recognize that the only way to do this successfully is to create a centralized view of all risk data so it can be analyzed and acted upon holistically. We are uniquely positioned to deliver on this promise thanks to our large installed base of compliance program solutions and the advanced technology of our Lockpath IRM platform.”
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