Lockpath Partners with RapidRatings to Increase Third-Party Risk Visibility
Technology Integration Will Bring Together Integrated Risk Management and Financial Health Ratings
Published on August 14, 2018
OVERLAND PARK, Kan. — August 14, 2018 – Lockpath, a leading 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.
“We’re excited to partner with RapidRatings to provide accurate, predictive insight into the financial viability, operating efficiency, and probability of default of companies our customers do business with,” said Chris Caldwell, CEO and co-founder of Lockpath. “Visibility into financial health will help our customers avoid entering into agreements with companies that may fail to deliver on their promises, greatly benefitting their third-party risk management programs.”
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.
“Reliance on third-party partners continues to grow, highlighting the need for holistic third-party risk management,” said James Gellert, Chairman & CEO at RapidRatings. “When it comes to vendors and suppliers, their risk is your risk. Understanding financial health of third and fourth-party vendors and suppliers helps provide greater visibility and control of third-party risk management.”
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.
To learn more about Lockpath, visit lockpath.com.
RapidRatings® is transforming the way the world’s leading companies manage enterprise and financial risk. RapidRatings provides the most sophisticated analysis of the financial health of public and private companies in the world. The company’s analytics system provides predictive insights into third-party partners, suppliers, vendors, customers and securities issuers. Every business conversation becomes more productive, transparent and efficient with the RapidRatings’ Financial Health System. For more information, visit www.rapidratings.com.
Lockpath is a market leader in corporate governance, risk management, regulatory compliance (GRC) and information security (InfoSec) software. The company’s flexible, scalable and fully integrated suite of applications is used by organizations to manage risk, demonstrate regulatory compliance, and automate business processes — all in order to achieve audit-ready status. Lockpath serves a client base of global organizations ranging from small and midsize companies to Fortune 10 enterprises in more than 15 industries. The company is headquartered in Overland Park, Kansas. For more information on Lockpath and the Keylight Platform, visit lockpath.com. Follow Lockpath on LinkedIn and on Twitter at @Lockpath and @KeylightGRC for the latest in industry, company and product news.