Lockpath receives 2014 GRC Value Award for Third Party Management
2nd Annual Awards Program Recognizes Real-World Implementations Advancing the Value of GRC Strategy, Process and Technology
Published on October 31, 2014
OVERLAND PARK, KANSAS — Lockpath, a leader in innovative governance, risk, compliance (GRC) and information security (InfoSec) solutions has been honored with a 2014 GRC Value Award in the Third Party Management by GRC analyst firm GRC 20/20. The 2nd annual GRC Value Awards recognize real-world implementations for Governance, Risk Management and Compliance programs and processes that have returned significant and measurable value to an organization.
Award recipients will be written up and acknowledged in the GRC 20/20 blog. Solution providers and GRC practitioners were evaluated in the following categories:
- Audit Management
- Compliance Management
- Enterprise GRC Platform
- GRC Architecture & Integration
- Identity & Access Management
- Internal Control Management
- Issue Reporting & Management
- IT GRC Management
- Policy & Training Management
- Risk Management
- Strategy & Performance Management
- Third Party Management
Lockpath worked with Fossil Group, a global design, marketing and distribution company specializing in fashion accessories, to implement a new Dodd-Frank 1502 “Conflict Minerals” due diligence and compliance program. Using Lockpath’s Keylight Conflict Minerals solution, Fossil was able to be up and running within six weeks and manage over 1,000 suppliers with their existing team of six. The Conflict Minerals team is now able to distribute Reasonable County of Origin Inquiry (RCOI) surveys to all suppliers in multiple languages within a matter of minutes. Fossil’s immediate program return on investment was well over 100 percent with an estimated annual savings of $3 million.
“Lockpath has demonstrated proven business value in third-party management through their work with Fossil,” said Michael Rasmussen, Chief GRC Pundit for GRC 20/20 and internationally recognized expert. “It is imperative that we recognize today’s successes as a milestone toward advancing GRC maturity. In achieving maturity, GRC is part of the organization’s strategy and operations and supported by a range of technology, knowledge and services—enabling the organization to achieve greater efficiency, effectiveness, and agility in GRC processes and broader business operations.”
“Lockpath is honored to be recognized for its work by such an authoritative voice in the GRC space,” said Chris Caldwell, CEO of Lockpath. “Keylight takes a lot of the complexity out of GRC, freeing up employees’ time for more strategic projects. Our work with Fossil is just one example of how we are partnering with our customers to help them realize the potential of their GRC and information security programs.”
Lockpath and Rasmussen will be presenting the award-winning case study via webinar on November 18, 2014. Register to attend the webinar at lockpath.com/lp/fossil/.
About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers, and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 atgrc2020.com and follow on twitter at @GRCPundit.
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 automate business processes, reduce enterprise risk and demonstrate regulatory compliance 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.