ATLANTA — LexisNexis® Risk Solutions is included in Forrester’s Vendor Landscape: Third-Party Risk Intelligence report as an example of third-party risk intelligence providers that represent the market. In the report, LexisNexis Risk Solutions is listed as one of the “vendors to consider for enhanced due diligence.”
Charles Thomas, director of anti-bribery and corruption, LexisNexis Risk Solutions, said: “Differentiating LexisNexis Risk Solutions from the pack is our risk-science equation that is composed of robust data, big data and linking technology, advanced analytics and deep industry-specific expertise.”
The Forrester report notes a Deloitte study that found risk managers say third-party data collection is becoming increasingly difficult, which contributes to 83 percent of respondents lacking confidence in their third-party risk management processes. Of these managers, 91 percent also lack confidence in third-party risk management related technologies. The Forrester report surveyed seven enhanced due diligence solutions and benchmarks them across 10 capabilities, which were measured on a scale of limited or no capabilities, standard capabilities and extensive capabilities.
Mr. Thomas continued: “It is crucial for companies to understand the use of third-party risk intelligence to strengthen their approach to security, risk and compliance. We provide firms with world-class insights into the potential risks posed by third-parties that can help identify vulnerabilities in the risk management process, which internal teams may have overlooked.”
LexisNexis Risk Solutions was found to have “extensive capabilities,” for business collection data, entity attribution and link analysis, human analysis and support, as well as watchlists and government and regulatory feeds. Additionally, LexisNexis Risk Solutions was noted for offering internal, private third-party data analysis, risk analytics, flexible risk weightings and alerts, and government/risk management/compliance integration.
“Our thorough due diligence allows us to unearth data that might be buried deep below the surface,” said Edda Rottscheidt, director of supplier and business risk management, LexisNexis Risk Solutions. “The advanced linking analysis and entity attribution capabilities we offer help uncover valuable insights that include finding parent companies, important firmographics, derogatory information and other crucial business relationships. The tools we offer at LexisNexis Risk Solutions lend themselves to benefitting compliance managers and those looking to evaluate the standings of new business prospects and potential merger or acquisition partners.”
As Forrester notes in the report, the current risk and business landscape is fast moving, making it increasingly important for companies to have updated third-party risk data constantly. It is vital that companies be proactive when evaluating their third-party risk data processes, as it is easier for a risk manager to prevent a crisis in advance, than it is to clean up after such a crisis.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.