NAVEX Global, a software company, based out of the US, on December 3, 2020, announced developments to its integrated risk and compliance management solutions, which facilitate a more holistic view of enterprise-wide risk.
The improvements are a part of the current and active strategy to increase interoperability between risk management systems and key compliance program functionality. In this primary stage, the market-leading hotline incident management solution EthicsPoint and NAVEX Global’s third-party monitoring and screening solution RiskRate will share data with Lockpath, its integrated risk management (IRM) platform.
These integrations are worked upon as enterprises increasingly recognize the need to bring risk and compliance together to get a more holistic view through the entire organization to manage risks efficiently.
Strongly seconded in the recent Committee of Sponsoring Organizations of the Treadway Commission (COSO) guidance, the arrangement of risk management frameworks with ethics and compliance programs is considered vital to enhancing overall business performance.
By blending and evaluating both operational risk data and compliance program data on a centralized integrated risk management platform, customers get a more comprehensive picture of the risks they face. This clarity helps them make rapid and more informed decisions with confidence.
The new integration list includes –
- Integration of key third party reputational, anti-bribery, and corruption compliance data directly from RiskRate into Lockpath to enhance overall vendor risk management program effectiveness; and
- Integration of key employee hotline and incident management data directly from EthicsPoint into Lockpath to deliver risk managers a unique view of potential internal risks identified by those using this reporting channel.
The expert take
Haywood Marsh, General Manager of NAVEX Global’s Lockpath business unit, said, “Increasingly, companies are embracing enterprise risk management as both a performance enhancer and competitive advantage.”
He added, “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.”
About NAVEX Global
Committed to helping enterprises protect their people, reputation, and bottom line, NAVEX Global is recognized as the worldwide leader involved in offering risk and compliance management software services.
Trusted by thousands of customers across the globe, NAVEX Global helps them manage risk, address complex regulatory requirements, and build corporate ESG programs and take care of ethical workplace cultures. In essence, the company confidently and successfully manages the full range of critical risks faced by organizations.