How to enhance your risk management with the right technology

Compliance has always been a moving target however ongoing global political tension, economic turbulence, and the avalanche of international sanctions have highlighted the necessity for automated compliance and third-party risk management (TPRM) systems for every business. While trying to stay afoot of the implications of the increasing risks in the way business is conducted, countless organizations have discovered the limitations and inflexibility of their existing compliance or screening systems leaving only one option – change.

In the third-party lifecycle management process, businesses often rely on multiple tools and fail to map out efficient processes resulting in a costly, complex, and fragmented compliance program. We can all agree that now more than ever, there is no leeway or sympathy when it comes to managing your organization's risk and compliance programs – so this is where we can help. The Status platform by Blue Umbrella is designed to customize, automate, integrate, and scale to support the evolving compliance and risk management needs of any business.

Customization

The risk-based approach favored by most regulators is a double-edged sword; having to only address the most salient risks specific to your business can save time and resources (by focusing due diligence and remediation on the pertinent risks). But because no two businesses are alike, the process of actually identifying those risks carries its own burden. And the risks change over time. Given the hurdles that many enterprises navigate around resource limitations, a compliance program uniquely tailored to your organization’s specific risks, challenges, and needs can seem out of reach.

The importance of a tailored solution. You need a platform that’s customized to align with the resources and relative risk specific to your business to ensure you are getting the most out of the platform. The nature of Status as a modularized solution means the platform can be developed and moulded as your business adapts to the evolving regulatory environment.

Workflow Automation

There is no point in getting the best tool if your team doesn’t know how to use it. We recognize that getting your team on board to tackle your Third-Party Risk Management challenges can seem daunting. But your efforts toward internal collaboration are certain to provide a handsome ROI. Not only will you be able to more effectively manage third-party risks, but by strengthening your organization’s communication and collaboration muscles, you will create a better prepared and more resilient business. Picking the right technology can help make or break your efforts to engage your internal stakeholders on your journey to a more effective third-party risk management program

A modern third-party tool that’s your internal stakeholder lifeboat! The Status platform helps provide different divisions with their own ability to identify and manage their risks while simultaneously aggregating and reviewing risk across silos. Customized access and simplified workflows to ensure the right people get the information they need to timely respond to and remediate risk.

Integration

Old platforms are often siloed and cumbersome. As companies merge, grow, and change hands, geographical dispersion and diversity among operating units can result in blind spots and a mixed bag of incompatible systems. Likewise, different business units may utilize different tools and strategies to track third-party risk. All together, these differences can make it hard (if not impossible) to effectively measure and address risk across an enterprise.

Integration is complex, but not hard! Our team acknowledges the intricacies and challenges of switching systems, but the flexible foundation of the Status platform enables quick and complete migration. Through Artificial Intelligence (AI), automation, and integrative capabilities the platform provides the real-time data you need to get everybody on the same page.

Scalability

Your third-party relationships grow and change over time, as does the backdrop of multijurisdictional regulatory requirements. And, as technological capabilities evolve and improve, so does the expectation for real-time risk monitoring and response. That’s why any effective Third-Party Risk Management program must acknowledge (and plan) for the fact that compliance is a moving target; one that demands regular and continual monitoring beyond initial diligence and onboarding.

You need a tool that’s easy to implement and launch, as well as one that can be scaled to your budget. The purpose of introducing a new advanced risk management tool is to make business better and safer for everyone, so the platform and its solutions must be able to scale up and down in relation to the risk management and compliance needs of your business.

As your business grows, don’t let your future success be jeopardized by a partner, supplier or client whose risk changed overnight. Through the innovative technology provided by Status, you can ensure your compliance program is efficient and tailored to you, with full integration of your other platforms, and will adapt to any fast-moving business needs. By upgrading your risk management tool as part of your compliance program, Blue Umbrella can help you take your sanctions screening and compliance automation to a new level.

With significant pressures from regulatory requirements, it’s imperative that compliance teams seek sophisticated and AI-powered technology to level up their business. For more information or to get in touch.