Nursing & Midwifery Council to use Rizikon Assurance from Crossword Cybersecurity PLC to Automate Supplier Onboarding and Improve Supplier Risk Management
27th June 2019 – London, UK – Crossword Cybersecurity plc (AIM: CCS) has today announced that the Nursing and Midwifery Council (NMC), will use Rizikon Assurance to automate its supplier onboarding process and manage ongoing supplier risk. The NMC is the regulator of over 690,000 nurses, midwives and nursing associates across the UK.
All organisations need their suppliers to provide assurance that they have sufficient controls in place to manage financial, operational and regulatory risk. The NMC, which has over 600 suppliers, will replace its manual paper-based processes with Rizikon Assurance to improve its supplier onboarding process and learn more about its supply chain. It will help them to assess and visualise the risk of each supplier more effectively and identify risks in their supply chain as a whole using Rizikon Assurance’s unique 360-degree Risk Scorecard.
Currently, suppliers communicate via email, scanned forms and phone calls to complete the supplier onboarding process, which can be time-consuming and resource intensive. Rizikon Assurance automates the supplier onboarding workflow, provides standardised questionnaires, and provides a scalable secure centralised platform for the collection, review and sharing of compliance data.
In addition, Rizikon Assurance provides a scorecard module which NMC will be trialling that will allow them to take a 360-degree view of risk across their supply chain. Combining data from the standardised online questionnaires with integrated Creditsafe financial ratings, it will help identify the risk level across multiple dimensions of each supplier, as well as areas in the organisation that may require action in order to lower their risk exposure. For example, the NMC will be able to use Rizikon Assurance to visualise Credit risk alongside other supplier risk areas including the General Data Protection Regulation (GDPR) and its requirements under the Modern Slavery Act 2015.
Jake Holloway, Director responsible for Rizikon Assurance, commented: “We are thrilled to be working with the Nursing and Midwifery Council to improve the efficiency of its supplier onboarding and manage supplier risk. There are many challenges for organisations with complex supply chains when managing third-party assurance risk. Technology can play a key role in giving risk and compliance professionals the control and visibility they need, moving risk compliance from a siloed and reactive activity, to a connected, proactive continuous process that delivers a complete view of third-party risk.”