Fusion Risk Management is expanding its corporate risk management software offering by integrating new functionality into the tool, the company said in a press release on Monday (Sept. 24).
The updates include connectivity with third parties, allowing its Fusion Framework System users to engage with their suppliers and other third parties in supply chains to streamline the vendor risk assessment process. The enhancement means third parties can more easily participate in a holistic risk mitigation strategy, Fusion noted.
The solution automates data collection and analysis, and, according to CEO David Nolan, while customers are already using Fusion technology for third party risk management, the updates “extend their reach and provide significant process and efficiency advantages.”
He added, “Fragmented programs that rely on legacy tools bear hidden costs and risks.”
In another statement, GRC 20/20 Research’s risk management expert Michael Rasmussen noted the importance of integrating third parties into companies’ overall risk mitigation efforts.
“In today’s business environment, the success and reputation of an organization depends on its ability to navigate and manage the relationships and risk associated with its third-party providers,” Rasmussen said. “When engaging with third parties, as well as with all employees across an organization, an enterprise requires a flexible system tailored to different user experiences and needs, secure access from anywhere and automated workflows.”
He continued, “It is imperative that organizations enable the sharing of information in both directions, and combine all data-gathering and sharing efforts on a core risk management system to maximize its effectiveness.”
Researchers from MetricStream released a report last year that found 50 percent of organizations surveyed do not have a solution dedicated to managing third-party risk. At the time, the firm’s chief evangelist, French Caldwell, said the finding suggests “that many enterprises have yet to grasp fully how vital risk management is, but businesses can no longer plead ignorance. They are responsible for the actions of their third parties, and they will bear the brunt of any fallout.”