ComplyScore: The DNA of Risk Management
Across every industry, most organizations suffer when it comes to controlling vendor risk management. Organizations are also facing ever-increasing compliance pressures, and the need for GRC has never been greater. This is not just because of the business inefficiency but due to the rising number of threats and unavailability of a suitable solution to keep the vulnerabilities out of the industry. Some of the existing solutions in the market are too expensive or complex to operate for businesses that are already struggling. This is where ComplyScore—a pioneer in enabling enterprises to control vendor risk management programs– comes into the picture. On a closer look, ComplyScore is a leading provider for GRC, Vendor Governance, and Information Security solutions. At ComplyScore, the team believes in precise GRC, and that’s why its solutions are tailor-made to meet the exact requirements of an organization, regardless of its size. The company’s robust, web-based solutions integrate risk, compliance, and audit in a unique way that eliminates redundancies and streamlines the process of managing compliance and risk. “Our innovative vendor risk management solution has been in the industry for about a decade now. Our goal is to make ComplyScore an affordable, intuitive, enterprise-grade GRC solution,” explains VenugopalaChalamala, Founder, ComplyScore.
ComplyScore’s Compliance Management Solution provides organizations with a clear, concise view of updates from different regulatory bodies. By presenting an organization with only the relevant updates and enabling tracking and documentation for the entire ‘impact analysis’ process, this solution helps companies streamline compliance reporting and link them to the relevant Policies and Procedures. The company offers solutions that help its clients implement a robust risk management program when it comes to Enterprise Risk Management.
The solution’s built-in features such as Configurable Enterprise Hierarchy, Customized Risk Assessment Questionnaires, Customized Risk Calculation Methodologies, Guidance on Risk Factors, Robust Reporting, Dashboards, and Fully Flexible Workflows, make it an ideal solution. Furthermore, its existing risk registers for information security, compliance and operational risks, out-of-the-box roles, workflows, and risk models enable ComplyScore’s ERM solution to be implemented in a short time and with the least effort.
A Complete Risk Assessment solution
Technologically the solution leverages the latest and greatest, with Cloud AI and workflows configuration, automated, unified workflows, seamless collaboration is pretty high powered. At the heart of the company’s offerings is the Cloud Vendor Risk Assessment solution, a completely robust, scalable, yet simple online solution that automates the vendor risk assessment, management, and monitoring life cycle. ComplyScore’s third-party risk management services use a tested, risk-based approach to evaluate vendor security to ensure your business isn’t exposed to unnecessary risks. In a nutshell, ComplyScore identifies and tracks all vendors that are integral to a business and then issues a detailed report covering potential risks. With a questionnaire-based assessment, the company enables a fully personalized and tailored solution that fits an organization’s risk specifications.
Moreover, its cloud-based, intuitive dashboard makes it easy to instantly view on a single screen all aspects of assessment management, including questionnaire distribution, risk factors, and managing mitigation tasks. ComplyScore’s proven methods identify how vendors or third parties use data so that its clients can more quickly make insightful decisions, standardize risk identity strategy, and hold vendors accountable. “We always ensure to make it a lot more fine-tuned to your particular vertical. In addition, our skilled and experienced team of security analysts, consultants, and project managers manage over 2000 assessments annually and offer white-glove service to all your vendors,” adds Chalamala.
Intelligent and Automated
Another factor that makes ComplyScore stand out is that it is the only company with a product of its own, specially crafted to solve the unique challenges in vendor risk management. ComplyScore provides mitigation recommendations based on its intelligent workflows and history of assessments. The team has the ability to dynamically put together an assessment and systematic distributors of assessment and identify the inherent and residual risk to deliver the perfect solution. “We always ensure to provide services around our tool that will give the best value to our clients. And that’s what our ultimate focus is on,” says Chalamala.
ComplySocre’s processes start with analyzing and identifying the exact client requirements. Then, the team interacts with clients from Fortune 10 to Fortune 500 to understand their business objectives and find the people managing emails, excel spreadsheets, and other aspects of the company. This way, ComplyScore acts as the extension of its clients in managing and maintaining compliance while keeping threats out. ComplyScore is also able to deliver its services 24 hours to its clients, thanks to their US presence and back-office in India. “Unlike the common ready-to-go solution, we provide a clean package with a lot of levers that allow us to configure the product to the specific needs of a particular client,” points Chalamala.
At the core of ComplyScore is its highly experienced and skilled teams that include security analysts, consultants, and projects managers. With a robust project governance structure and a well-defined project and execution plan, ComplyScore can significantly improve the way business vendor risk management can be performed. The team also ensures to perform regular streamlined communications and meetings with the customers to resolve every customer requirement with the best possible solution. In addition, the company also uses an advanced Cloud Vendor Risk Assessment solution. It is a completely robust, scalable, yet simple online solution that automates the vendor risk assessment, management, and monitoring life cycle. This way, businesses can concentrate more on their operations and forget about risk management.
A Mission to Redefine
ComplyScore has been on a mission since 2003 to deliver strategic Enterprise Solutions and Services that enhance business systems by providing competitive advantages in innovation, reliability, and time to market. Chalamala explains that the company calls it to be a client fanatic organization. “We not only offer one of the best solutions out there in the market, but we also go the extra mile to make sure things get done just like the way the clients wants it. At the heart of our organization and our culture, our DNA is client fanatic, and we are committed to making sure our solution is successful for the client. This way, the client gives the value tey’re really intended for. We always stand behind the product and work with the client as they need it. I think that’s a big differentiator,” he extols.
Under the leadership of Chalamala, ComplyScore is redefining the way businesses manage their vendor risk and compliance requirements. Implemented across 65 countries, the solution allows engagement of the stakeholders across the three lines of defense to monitor risk and execute remediation. Today, the company is crafting the solution to be deployed or configured and fine-tuning it specifically for each of the company’s verticals. “One thing that we’re working on is to fine-tune the solution to each of the business verticals to address the specific needs. We are also looking at ways to leverage the technology advancements in Artificial Intelligence and Machine Learning to improve our solution’s automation and help identify the patterns of failures before they happen. This way, we’ll be able to enhance the functionality of our solution significantly,” concludes Chalamala.