Lockpath Partners with RapidRatings to Increase Third-Party Risk Visibility
August 2018 by Marc Jacob
Lockpath, a provider of integrated risk management solutions, today announced a new partnership with RapidRatings, a provider of financial health ratings. This partnership aims to further integrated risk management technology by broadening its scope to provide holistic third-party risk visibility that includes financial health analytics.
The partnership will include a technology integration of RapidRatings’ Financial Health Rating within Lockpath’s Keylight Platform, a governance, integrated risk management and compliance (GRC) solution. This integration will benefit joint customers, who will be able to garner a more complete view of the risk posed to them by vendors, partners, suppliers and third parties in general.
Financial health is the gateway to understanding a vendor or supplier’s underlying strengths and weaknesses and provides a universal benchmark for choosing who to partner with in the short and long term. The Financial Health Rating’s numeric score, 0-100, depicts a company’s financial viability, operating efficiency, probability of default, and ability to maintain resilient operations during a disruptive event. RapidRatings will provide these important financial insights within Keylight to help customers better manage third-party risk.
Lockpath’s partnership with RapidRatings comes at a time when organizations need to better manage third-party risk. This is largely due to new regulatory requirements and increased pressure from executives.
Lockpath’s award-winning Keylight Platform integrates the full vendor lifecycle into daily processes and includes capabilities for information gathering, due diligence investigation, risk assessments, contract negotiation, ongoing monitoring and termination workflows. By centralizing all this information in one user-friendly solution and providing advanced reporting capabilities, Keylight allows organizations to better manage vendor risk and to reduce the risk of non-compliance.