Crossword Cybersecurity plc, the technology commercialization company focusing exclusively on the cyber security sector, is pleased to announce the signing of a two-year contract with a FTSE 250 global chemical manufacturer.
The customer will use Rizikon Assurance to issue onboarding assessments to their 250 strategic suppliers, in turn displaying their key risk data in the tool’s ‘Supplier Scorecard’ feature. Rizikon Assurance will automate the supplier management process, replacing manual, time-consuming and resource-intensive processes that the company has used to date.
Rizikon Assurance will play a pivotal part in the customer’s overall Supplier Management Framework
Supplier Management Framework
Rizikon Assurance will play a pivotal part in the customer’s overall Supplier Management Framework, increasing the efficiency of their supplier assurance process and enabling them to identify and mitigate their biggest areas of supplier risk. Each category of supplier will be assessed against their criticality and risk to the business.
The customer will take full advantage of the new features that Rizikon Assurance has to offer, including the industry-first Assurance Framework Dashboard which displays a holistic view of the risk-criticality score of all suppliers, on one matrix. The tool will aid in the selection of low-risk suppliers, as well as re-evaluating suppliers who are currently operating above acceptable risk thresholds and are in the process of carrying out remediation efforts to lower their overall risk.
Risk management
All the assessments and due diligence the customer performs through Rizikon Assurance will work towards providing them with an Approved Supplier Register. Rizikon Assurance will help to classify and prioritize suppliers based on their level of risk, manage question sets and improve the ease in carrying out required audits, as all the necessary information will be located in the one centralized platform.
Ken Fraser, Rizikon Assurance Product Manager, commented, “Third-party assurance is particularly important for organizations with large, complex supply chains who face multiple challenges when managing third-party risk, so we are pleased to work alongside this organization in taking proactive measures to mitigate third-party risk."
Mitigating threats and risks
Ken added, “Crossword is now really gaining traction with business customers for Rizikon Assurance. All businesses need to do a better job of third-party risk management - and we believe that we have a unique system that helps them take control.”
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