RapidRatings, Opus Announce Integration for Managing Supply Chain Third-Party Risk

RapidRatings, provider of analysis of the financial health of public and private companies in the world, and Opus, a leader in compliance and risk management SaaS technology, recently announced a strategic partnership and the integration of predictive financial health analytics into Opus' Hiperos 3PM platform.

The technology integration utilizes the RapidRatings Extraction API to deliver key financial health data including the Financial Health Rating, a representation of the short-term operating resilience, and Core Health Score, an indication of financial viability, directly within the Hiperos 3PM's reports and dashboards.

According to the company, “out-of-the box” integration and real-time delivery of critical financial analytics allows mutual clients to take a streamlined approach by easily identifying the risk posture of a single company or a portfolio of third parties directly within the broader risk assessment process.

“Getting a clear picture of a third party's financial health brings transparency into the relationship and allows organizations to make informed decisions,” said Eric Evans, Managing Director of Business Development at RapidRatings. “However, risk management is only part of the equation. A forward-looking view into a third party's financial viability enables them to use risk as a competitive advantage to maintain operational efficiency and identify opportunities for growth.”

“Third parties – whether vendors, suppliers or customers – are a significant source of compliance and information security risk,” said Lee Kirschbaum, Senior Vice President, Product, Marketing and Alliances. “Effectively managing these risks means looking across risk dimensions – from regulatory to financial viability and beyond. Partnering with RapidRatings helps us provide this multi-dimensional view of risk so our clients can make faster, better decisions in compliance and risk management and gain an extraordinary advantage in the marketplace.”

James Gellert, CEO of RapidRatings' told SCMR in an exclusive interview that supply chain managers are increasingly focused on the broad impacts third party relationships have to their enterprise.

“Procurement and supplier risk management are two critical components of managing suppliers and vendors and making sure these partnerships start out strong and remain strong,” he says. “They are also responsible for identifying risks that may emerge with a supplier or vendor, but they are not alone in this charge.”

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