LONDON (ShareCast) - (Sharecast News) - Technology commercialisation company Crossword Cybersecurity announced today the signing of a two-year contract with an unnamed FTSE 250 chemical manufacturer on Tuesday.
The AIM-traded firm said the customer would use the 'Rizikon Assurance' product to issue onboarding assessments to their 250 strategic suppliers, in turn displaying their key risk data in the tool's 'Supplier Scorecard' feature.

It said Rizikon Assurance would automate the supplier management process, replacing manual, time-consuming and resource-intensive processes that the company had used to date.

Rizikon Assurance would play a "pivotal part" in the customer's overall supplier management framework, Crossword explained, increasing the efficiency of its supplier assurance process and enabling it to identify and mitigate its biggest areas of supplier risk.

Each category of supplier would be assessed against its criticality and risk to the business.

The customer would take "full advantage" of the new features of Rizikon Assurance, it added, including the "industry-first" 'Assurance Framework Dashboard', which displayed a "holistic view" of the risk-criticality score of all suppliers, on one matrix.

It said the tool would aid in the selection of low-risk suppliers, as well as re-evaluating suppliers which were currently operating above acceptable risk thresholds and were in the process of carrying out remediation efforts to lower their overall risk.

All assessments and due diligence the customer performed through Rizikon Assurance would work towards providing them with an approved supplier register, Crossword claimed.

Rizikon Assurance would help to classify and prioritise suppliers based on their level of risk, manage question sets and improve the ease in carrying out required audits, as all necessary information would be located in one centralised platform.

"Third-party assurance is particularly important for organisations with large, complex supply chains who face multiple challenges when managing third-party risk, so we are pleased to work alongside this organisation in taking proactive measures to mitigate third-party risk," said Rizikon Assurance product manager Ken Fraser.

"Crossword is now really gaining traction with business customers for Rizikon Assurance.

"All businesses need to do a better job of third-party risk management - and we believe that we have a unique system that helps them take control."

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