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A rapidly deployable and risk-based third-party risk management platform to help ease the compliance burden for smaller organizations
LONDON, UK, OCTOBER 28, 2024 – Ethixbase360, a leader in third-party risk management solutions today announced the launch of FastStart TPRM, a risk-based solution designed to help mid-market organizations streamline third-party risk management (TPRM). FastStart enables businesses with less than 100 to up to 1000 third parties to adopt an efficient, centralized and auditable risk management approach that reduces complexity and costs.
With close to 90% of anti-bribery and corruption enforcement actions involving the actions of third parties, and corporate liability increasing in multiple jurisdictions, it is imperative that all organizations, no matter their size, to have a well-designed and documented approach to third-party risk management.
“The mid-market is underserved for their Third-Party Risk Management needs” states Peter Sweetbaum, Chief Executive Officer for Ethixbase360. “Smaller organizations often use manual processes, disparate systems and spreadsheets meaning they don’t have the benefit of a consolidated and efficient approach to provide assurance to key stakeholders”.
Ethixbase360’s FastStart TPRM allows smaller organizations to quickly deploy a market leading platform suited to their needs at a price point that offers assurance, efficiency and value. Ethixbase360’s FastStart TPRM is a bundled and rapidly deployable Ethixbase360 platform with key elements of an effective TPRM program including:
- Risk Assessment
- Entity Verification
- Risk-Based Due Diligence
- Ongoing Monitoring & False Positive Review
- Direct third-party engagement via a purpose-built Anti Corruption Questionnaire
- Comprehensive Reporting & Analytics
Additionally, all FastStart TPRM platforms enable clients to order Ethixbase360’s leading Enhanced Due Diligence and Ultimate Beneficial Ownership solutions should the need arise. Most importantly, the platform offers a complete event log to evidence TPRM activity.
“Everyday tens of thousands of users’ login to manage millions of third parties on the Ethixbase360 platform. We already serve customers from the mid-market to global enterprises via our zero-code configurable platform. We recognized the need for a purpose-built solution for the mid-market that is easy to deploy, cost-effective, scalable and easy to use. The result is FastStart TPRM” – Peter Sweetbaum, Chief Executive Officer, Ethixbase360.
About Ethixbase360
Ethixbase360 helps organizations achieve value chain transparency through its market-leading third-party risk management platform, assisting companies to identify, manage, mitigate and report on risk and resilience throughout their entire value chain. With a dedicated focus on anti-corruption, modern slavery, human rights, and sustainability, Ethixbase360’s solutions provide actionable insights to drive a risk-based approach to EXPLORE risk, ENHANCE insight and ENGAGE directly with third parties for a uniquely configurable and scalable approach to third party risk management. Learn more at www.ethixbase360.com
Visit: https://ethixbase360.com/what-we-do/faststart-tprm
Follow: https://www.linkedin.com/company/ethixbase360/
