Refinitiv is further expanding the scope of its data-driven due diligence reports with the addition of cybersecurity and company credit risk ratings from BitSight and Creditsafe. The data partnerships follow Refinitiv’s recent inclusion of ESG data and its acquisition of The Red Flag Group.
The addition of cybersecurity and credit risk ratings is in response to the myriad of legal and regulatory obligations organizations face when dealing with third parties. Suppliers, distributors, resellers and other third parties may pose significant integrity and compliance risks and these need to be managed by every company to avoid significant fines and reputational damage.
In response to these challenges, Refinitiv has developed its innovative data-driven approach to due diligence, providing customers with detailed insights and proprietary ratings on their suppliers and third parties to help ensure they are positively contributing to the organization’s reputation and business operations.
Compiled by an experienced team of 450 analysts, the due diligence reports offer customers objective risk ratings according to six main categories of risk; identity, integrity, finance, ESG, cyber, and operational and quality risks. The reports are suitable for any sector or business size, and for any location in the world.
With the addition of cybersecurity and credit ratings, Refinitiv’s due diligence reports now draw on more than 200 billion cyber events monitored daily through 120 data sources, and more than 330 million company credit reports on both private and public companies collected from 9,000 sources.
“BitSight Security Ratings are an objective, data-driven measurement of an organization’s cybersecurity performance designed to translate complex cybersecurity issues into simple business context,” said Dave Fachetti, Chief Strategy Officer at BitSight. “We are thrilled to partner with Refinitiv to provide their clients with visibility into this increasingly important dimension of third-party risk.”
“Changing the way business information is used is core to our mission at Creditsafe,” said Matthew Debbage, Chief Executive Officer at Creditsafe Asia and Americas. “We are proud to be partnering with Refinitiv to provide their clients with vital data to understand their third-party risk.”
“Understanding your suppliers and third parties requires a detailed view of what they do for you, how they do it, and what risks that poses,” said Charles Minutella, Head of Refinitiv’s Due Diligence business. “Refinitiv has made significant investments in its own capabilities and technology to provide customers with a more sophisticated and data-driven view into the problems they might face. Our partnership with specialized data providers such as BitSight and Creditsafe further extends this capability, helping our customers to gain a more comprehensive view of their risk exposure.”
Refinitiv Due Diligence is the new go-to-market name for the Enhanced Due Diligence business of Refinitiv following the acquisition of The Red Flag Group by Refinitiv on October 5th, 2020. Refinitiv Due Diligence is the leading global provider of due diligence reports, onboarding workflow, data-based insights, ratings and managed services. Refinitiv Due Diligence helps customers to assess their business relationships for any potential risks and make informed decisions, its leading products include Supplier Integrity and Compliance Desktop.
BitSight Security Ratings are designed to continuously measure how effective an organization is at managing their cybersecurity environment, in an evidence-based, quantitative manner that is calibrated to correlate with likelihood of data breach. Using an approach similar to credit ratings for financial risk, BitSight collects data on over 200 billion cyber events every day from over 120 sources and applies sophisticated algorithms to produce daily cybersecurity ratings that range from 250 (low) to 900 (high), along with 23 risk factors and a minimum 12 month history for all companies.
Creditsafe provides more than 330 million company reports on both private and public companies across 160 countries. Its data is collected from thousands of sources and can help predict nearly 70% of bankruptcies up to 12 months in advance. Creditsafe’s international score provides a standardized rating model for company credit scores across the globe.