The Customer
Crossword Cybersecurity is a technology commercialisation business, working with British universities on the development of research-based cybersecurity software. Their online platform, Rizikon Assurance, offers an all-in-one third-party risk management solution that enables organisations to take control of risk from their hundreds, or even thousands of suppliers.
The Challenge
Following the development of their third-party risk management tool, Crossword Cybersecurity quickly recognised that they needed to include additional sources of risk data into their product.
The challenge they faced was getting credible financial and credit risk data on multiple companies integrated into their product. Having access to real-time credit risk data would allow their customers to visualise risk across their entire supply chain and pinpoint where potential risk was coming from without the need to login to a separate system or application.
It was their customers who named Creditsafe as their supplier of choice, and that’s how the partnership with Creditsafe was born.
Our business is about helping organisations take control of third party risk and Creditsafe immediately gives us the whole financial risk model out of the box.
Jake Holloway
Chief Product Officer, Crossword Cybersecurity
The Solution
Having met with many other credit risk data providers, Crossword Cybersecurity felt that there was a strong cultural fit with Creditsafe as well as exceptional data quality and work ethic. “Creditsafe have a can-do attitude," says Jake Holloway, Crossword Cybersecurity’s Chief Product Officer. He also added, “It was evident from the beginning that both parties were keen for the partnership to work and all efforts were made to make the process as smooth as possible.” Creditsafe and Crossword Cybersecurity are both passionate about the availability of supplier data and ensuring that businesses have the most reliable and up-to-date information on the organisations they work with.
The Creditsafe Connect API enabled the seamless integration of more than 365 million business reports from across 160 different countries into their Rizikon Assurance product through a single API integration.
Christian Hutchings, Software Developer at Crossword Cybersecurity said, “The main benefit of working with Creditsafe data is the ability to get the financial risk information from a reputable source across multiple countries. The quality of Creditsafe data doesn’t need second-guessing or chasing up. We saw the added value in our scorecard instantly, which means financial risk is better covered than ever before in terms of third-party risk management.”
The Results
Since the completion of the integration, Crossword Cybersecurity has enhanced its 360° supplier scorecards. The scorecards now allow Creditsafe data to be displayed and included in overall risk ratings along with other areas such as GDPR and modern slavery.
From customer feedback, it has seen a boost in satisfaction rates, and customers are expressing even greater confidence in their ability to effectively and efficiently manage 3rd party supplier risk.
If Creditsafe data wasn’t integrated, an organisation could easily spend countless hours each month trying to aggregate financial and credit data on its suppliers. Instead, incorporating Creditsafe data with Rizikon Assurance allows our customers to see all aspects of third party risks they face, more efficiently than ever before.
The availability of Creditsafe data has transformed the value of our product, delighting our customers and strengthening the appeal to new prospects.
Jake Holloway
Chief Product Officer, Crossword Cybersecurity