Alerts

RiskXchange enables IT and security teams to automate key workflows so they can save time and focus on the most critical aspects of their job. Users can easily create alerts that automatically act when a score rating change takes place or a new critical issue is identified. There are many benefits of moving from manual tracking to automation, here are the most common benefits of using RiskXchange’s new alerting feature.

Enhance continuous monitoring

Organisations are dealing with complicated ecosystems, with numerous vendors, suppliers, and partners, multiple tiers, and different teams within the organisation. This makes it hard to continuously monitor the score or critical issues of your organisation and score changes of every third party (connection) that your organisation interacts with. With automated alerts, third party score changes or critical issues detected for your organisation will not slip through the net. Admin users can set scores change rules for different connections and critical issues alerts for your organisation, enhancing your overall organisation and third-party risk management program.

How to enable critical issues alerts for your organisation

Under Alerts – settings. Enable both alerts for your organisation and the “Alert when new critical issues found”. This will send email alerts to everyone that is an admin user on your RiskXchange account. Note. For an admin to receive email alerts, they must have alerts turned on within their profile under Account settings – Email Preferences.

How to enable and set score change alerts for your organisation

Under Alerts – settings. Enable alerts for your organisation and set the “Score drop Threshold”.

How to add a score drop alert for a connection

Under Alerts – settings - connections. Select “Add” and select the required company from drop down list.

Once added. Set the “Score Drop Threshold” value what you would like to trigger an alert on Eg. 20 (this is our recommended threshold setting, but this can be set to whatever you like depending on your risk appetite).

Now when the score for this company drops by 20 points, all admin users will receive an email alert, unless the admin user has turned off “Alert notifications” from their email update preferences.

Easier collaboration

Security and third-party risk management are multifaceted, which often leads to multiple teams or co-workers from different departments working on different projects within the same organisation. For example, while security is focused on the security risks of their own internal organisation, vendor risk managers are focused on monitoring the security posture of all their vendors, and the procurement team is focused on the security risk of potential suppliers. Since these teams might not talk every day, automating workflows can help alert the appropriate people on what actions to take next. All of this can be achieved by using group alerts.

How to create a group alert and create alerts for specific team members

Under alerts – settings - groups. Select “configure a group”. This will add a new group alert and automatically add admin users as the first member of the group alert.

To add additional members of the group alert, select “Add Recipient” and select the user to add from the dropdown list.

Once you have completed adding users, set the score drop threshold for the new group alerts.

Conclusion

Incorporating automation and creating workflows is becoming increasingly important as organisations start working with more third parties, which makes it harder to keep up with the fast-paced threat landscape. RiskXchange’s Alert Rules increases efficiency while reducing overall risk in your organisation.