8th Oct 2019 12:14
(Alliance News) - Crossword Cybersecurity PLC on Tuesday said it has signed a two-year contract with an undisclosed FTSE 250 chemical manufacturer.
The technology commercialisation company said this new customer will use Rizikon Assurance to issue onboarding assessments to its 250 strategic suppliers, displaying their key risk data in the tool's feature.
Rizikon Assurance will automate the supplier management process, replacing manual, time-consuming and resource-intensive processes that the company has used to date, Crossword explained. Each category of supplier will be assessed against their criticality and risk to the business.
All the assessments and due diligence the customer performs through Rizikon Assurance will work towards providing them with an approved supplier register, Crossword 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," said Rizikon Assurance Product Manager Ken Fraser.
He added: "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."
Crossword shares were up 1.2% at 410.00 pence each in London on Tuesday midday.
By Evelina Grecenko; [email protected]
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