NAVEX product overview
NAVEX is an integrated platform for risk and compliance management with solutions that can work independently or together. It provides a unified view of risk across the business, allowing companies to gain organizational insight, increase operational efficiencies, and make informed decisions confidently. In addition, it empowers organizations to effectively manage operational, sustainability, people, and regulatory risk.
The platform enables companies to predict and mitigate risk and better understand risk and compliance health. With NAVEX, businesses can holistically control their GRC program with greater simplicity. From defining and distributing code of conduct and critical policies to training key audiences to extending risk management and compliance program across third parties, NAVEX accelerates success.
Pros of NAVEX
- NAVEX helps companies free up time and resources by automating labor-intensive data collection and daily management activities.
- Businesses can address risk needs immediately or utilize APIs to integrate with other systems to scale and support the company as it grows.
Cons of NAVEX
- According to some users, it is difficult to create reports on the platform.
- Others encountered issues with NAVEX’s customer support.
Breakdown of core features
IT risk management
NAVEX facilitates building an automated information security management system that streamlines the discovery of new and emerging IT risks. The platform’s IT Risk Management lets businesses use Lockpath to identify and correlate IT assets with vulnerability data and triage cyber risk data. Companies can use Lockpath to maintain a controls library, conduct risk assessments, and produce high-level reports or interactive dashboards.
Privacy, risk, and compliance
Users can automatically monitor and ensure compliance with NAVEX privacy regulations and programs that create consistent, repeatable, and auditable processes. The Privacy Risk Management feature enables users to build a scalable, multi-regulation program that identifies and manages risks to meet new and expanding requirements. It also helps users understand the types of data the company stores. The system tracks how data flows throughout the organization and determines the impact of a potential data breach.
Third-party risk management
NAVEX places the suppliers’ and vendors’ risks in the business context, so users can better evaluate their performance. It lets users uncover, assess, address, and monitor third-party risk. It also gives real-time insights into the vendors’ performance and protects the organization through automation.
The platform collects risk information, including operational, information security, financial, and compliance-related risks. Furthermore, it develops dynamic assessments using prebuilt questions based on standards and regulations to obtain relevant vendor information.
With the Business Continuity Management feature, users can plan and prepare for business interruptions to minimize impact and restore operations as soon as possible. NAVEX delivers risk assessments to design detailed plans and conduct business impact analyses. These risk assessments uncover asset criticality and availability needs.
NAVEX directs business impact analyses to gauge the financial impact of disruptions. Moreover, it conducts dependencies for various scenario modeling to determine and account for likely chain reactions. It supports generating and testing recovery plans to strengthen organizational resilience.
(Last updated on 02/03/2022 by Liz Laurente-Ticong)