The Howdy Glossary

NAVEX Global RiskRate is a compliance software designed to evaluate and manage third-party risk for organizations, automating due diligence processes for vendor and supplier relationships to mitigate legal, financial, and reputational risks. The platform standardizes risk assessments to ensure compliance with regulations such as the Foreign Corrupt Practices Act (FCPA) and UK Bribery Act, enhancing efficiency in managing compliance obligations. By addressing specific organizational needs for evaluating third-party risks, NAVEX Global developed RiskRate to streamline risk management processes and improve proactive measures against potential compliance challenges.

NAVEX Global RiskRate offers unique features including automated due diligence processes, standardized risk assessments, centralized risk management efforts, and enhanced efficiency in identifying potential risks. These features simplify the management of third-party risks while safeguarding an organization’s integrity and reputation by ensuring adherence to regulatory standards. Despite facing competition from other providers like Deloitte's Third-Party Risk Management, RSA Archer Third Party Governance, and OneTrust Vendorpedia, NAVEX Global distinguishes itself through its integrated approach to enhancing compliance evaluations and centralizing efforts in managing third-party risks effectively.

The platform's competitive advantages lie in its automation of due diligence processes for vendors and suppliers, standardization of risk assessments compliant with FCPA and UK Bribery Act regulations, centralization of risk management efforts, enhanced efficiency in evaluations, and its established reputation as a leader in integrated risk solutions. These elements provide unmatched value by helping organizations efficiently mitigate legal, financial, and reputational risks associated with their third-party relationships. Compliance professionals across various industries benefit significantly from NAVEX Global RiskRate’s capabilities in streamlining due diligence procedures while maintaining regulatory compliance standards.