CHICAGO, October 25, 2021 – Origami Risk, the industry-leading risk, safety and insurance Software as a Service (SaaS) technology firm, today announced it has created an online solution to help businesses and other entities streamline their global vendor risk management process.
Leveraging Origami’s single platform for managing insured and uninsured risks, risk management professionals and other executives can access risk intelligence and industry best practice resources to obtain detailed vendor solvency and cyber security governance information and conduct extensive risk assessments. They can also use Origami to monitor compliance with multiple aspects of contractual requirements, such as stipulated insurance coverages, cybersecurity protocols, employment practices, workplace health and safety standards, business conduct and conformity with international human rights conventions.
“Regardless of whether an enterprise works with one or two trading partners or is a multinational organization with a global supply chain involving hundreds of vendors, its leadership, risk management and operations teams all need to understand and manage risks associated with their critical vendors and other third parties,” said Earne Bentley, president of the Risk Solutions division of Origami Risk. “Maintaining oversight of vendor relationships is critical to operational resiliency and sustainability, but these efforts can be incredibly complex and time-consuming. Our solution uses automation and leverages our versatile platform to help clients streamline these processes, drive efficiencies and flag a wide range of potential issues.”
Origami’s solution also includes functionality to track and manage required certificates of insurance (COIs) centrally, as well as within different divisions, departments, operations and locations. In addition, functionality can be tailored to address the unique needs and considerations of different industries, such as pharmaceutical/life sciences, manufacturing, technology, hospitality and food service, construction, energy, utilities/power, among other sectors.
Specifically, Origami’s vendor risk management solution helps to:
- Predict, control and manage costs related to vendor liability by facilitating systematic due diligence, insurance procurement and renewals
- Reduce administrative burdens with automated workflows and simplified data collection
- Prevent potentially costly problems by identifying issues prior to contract signing
- Automate risk assessments, monitor issues associated with high-risk vendors and compare remediation alternatives
- Improve compliance and risk mitigation by identifying risk-transfer issues and opportunities
Additional information regarding Origami’s vendor risk management solution is available by visiting: https://www.origamirisk.com/products/vendor-risk-management.
About Origami Risk
Origami Risk is a leading provider of integrated SaaS solutions for the risk, safety, and insurance industry — from corporate and public entities to brokers and risk consultants, insurers, MGAs, third party claims administrators (TPAs), and risk pools. Highly configurable and completely scalable, Origami Risk delivers a full suite of risk management tools and insurance core system solutions from a secure, multi-tenant cloud-based platform accessible via web browser and mobile app. Visit origamirisk.com or contact Origami at firstname.lastname@example.org.