Technology commercialising company focused on the cyber security sector, Crossword Cybersecurity (CCS), announced on Monday that it had inked a two-year contract with a FTSE 250 global chemical manufacturer.
The unnamed FTSE firm will use Crossword’s Rizikon Assurance which will play a pivotal role in the overall supplier management framework by replacing manual, time-consuming and resource-intensive processes that the company has previously used.
Notably, Rizikon is able to supply all necessary information across one centralised platform -- this will be an integral asset in its ability to help classify and prioritise suppliers based on their level of risk and manage question sets and improve the ease in carrying out required audits.
Specifically, the customer will utilise Rizikon to issue onboarding statements to their 350 strategic suppliers, Crossword explained -- this means each category of supplier will be assessed against their criticality and risk to the business.
Rizikon will be offered to the customer with a range of new features to aid the selection of low-risk suppliers.
Commenting on the contract, Ken Fraser, Product Manager of Rizikon Assurance, said:
"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.
He added: “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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