SOURCE: Wolters Kluwer ELM Solutions

Wolters Kluwer ELM Solutions

September 29, 2015 09:15 ET

Wolters Kluwer ELM Solutions Releases Passport GRC Third-Party Risk Monitor Module

New Solution Helps Companies Boost Efficiency and Accuracy in Searching for Risk Data on Third-Party Partners

HOUSTON, TX--(Marketwired - Sep 29, 2015) - Wolters Kluwer ELM Solutions, the global market leader in transformational, technology-based solutions for legal, compliance, and risk management, announced today the release of its Passport GRC® Third-Party Risk Monitor Module. The new module is an extension of Passport® GRC, the company's comprehensive, platform-based framework for managing broad governance, risk, and compliance (GRC) programs. This module provides key third-party cross-check data that companies need to understand and assess the risks of third-party relationships and to perform accurate and effective due diligence.

"While third-party relationships are critical to driving business strategy and growth, they also present potentially devastating risks for companies," explains Heather Generes, global vice president, Product Management and Marketing for Wolters Kluwer ELM Solutions. "Given this, proper due diligence and ongoing monitoring of third-parties and their employees is critical to sustain a state of compliance."

In addition, the solution helps to boost the accuracy and effectiveness of due diligence efforts, engages all stakeholders, including legal, in these efforts, and maintains an audit history of cross-check searches to support defensible due diligence. Key features include:

  • Third-Party Cross-Checks to Support Due Diligence: The module aggregates information on third parties gained through searches of a wide variety of sources.

  • Ongoing Monitoring of Third Parties: Provides for automated ongoing portfolio monitoring of Negative News sources.

  • Adherence to best practices: Related workflow can be generated within the module to support notification and resolution of these red flags, and to involve relevant compliance, risk, and legal staff in the process.

  • Integration of Legal in Due Diligence: Integrates with Passport legal management solutions to facilitate critical information-sharing and participation by Legal staff in third-party due diligence.

The Third-Party Risk Monitor Module is part of the comprehensive Passport GRC solution. More information is available at: wkelmsolutions.com.

About Wolters Kluwer ELM Solutions:

Wolters Kluwer ELM Solutions (formerly Datacert and TyMetrix) is the industry pioneer and global market leader in Enterprise Legal Management software and services. Through comprehensive technology solutions and in-depth data and analytics, Wolters Kluwer ELM Solutions helps the largest and best-run legal and claims organizations address the intricate complexities they face and ultimately make better business decisions. Wolters Kluwer ELM Solutions, which is part of Wolters Kluwer, which had 2014 annual revenues of EUR 3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 170 countries across Europe, North America, Asia Pacific, and Latin America.

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