Rsam and RapidRatings Announce Partnership to Help Organizations Manage Financial Risk in Third-Party Relationships
March 27, 2018
March 27, 2018 – Secaucus, New Jersey – Rsam, a leader in Governance, Risk, and Compliance (GRC) solutions, and RapidRatings, the leader in financial health analytics, today announced a partnership that will allow organizations to better manage financial risk throughout their third-party networks. The RapidRatings Connector and API for Risk Management bring together the capabilities of the FHR® and Rsam’s Vendor Risk Management module to supplement vendor risk assessments with industry leading financial health ratings. The partnership provides customers with a comprehensive view into their vendors’ risk profiles, including financial viability for public and private companies.
Third-party vendor relationships are the backbone in today’s business world and enable companies to grow their revenue and gain competitive advantages in the market. However, along with all the benefits come significant risks. Rsam’s partnership with RapidRatings addresses the challenge of efficiently managing financial risk and viewing it alongside other key risk areas such as cybersecurity, business continuity, vendor performance, etc. Real time access to RapidRatings’ unbiased and quantitative financial health analytics provides immediately actionable information that can be used to supplement subjective vendor self-assessments without slowing down the vendor onboarding process or jeopardizing business results.
“The relationship with RapidRatings will provide our customers with a 360 degree view of the financial risks associated with their third-party relationships and will enable them to insure that these third-party relationship do not jeopardize their own company’s growth and brand in the market.” Jaimin Patel, Vice President of Business Development at Rsam.
“Traditionally, risk has been managed in a very siloed way. What we’re seeing now is a coming together with financial health as the common language across business areas and throughout the lifecycle of the relationship,” Eric Evans, Managing Director of Business Development at RapidRatings. “Our partnership with Rsam will bring greater transparency to the risk management process and help companies leverage financial health to gauge their third party’s ability to weather disruptive events such as cybersecurity attacks, natural disasters, or new regulations and continue to operate efficiently.”
Rsam and RapidRatings customers will be able to gain in-depth understanding of financial posture of their vendors and other third-party relationships. Paired with powerful features of Rsam integrated risk management platform customers will benefit from automated notifications which will enable them to take immediate actions to mitigate potential risks that would negatively affect their organization.
Rsam helps organizations meet their security, risk and compliance goals quickly, even as requirements are always changing. Our enterprise software platform uses a relational architecture and captures data in a single, centralized repository. Unlike other systems, we don’t hard-wire dependencies based on requirements that were probably outdated before implementation began. Instead, the Rsam platform is built to adapt and puts the user in control. Learn more at rsam.com.