Processes automated and simplified, with improved visibility of supplier management and compliance.
Crossword Cybersecurity Plc, the technology commercialisation company focused on cyber security and risk management, is pleased to announce that Spotlight Sports Group, the digital publisher and integrated betting platform, has implemented Rizikon Pro, Crossword’s supplier assurance and third-party risk management platform for SMEs. As a result, Spotlight Sports Group has halved the time spent on supplier management, gained better visibility of supplier risks, and cut the costs of maintaining its ISO 27001 Information Security Management certification.
Spotlight Sports Group is the owner of Racing Post, which has been the home of horse racing in the UK and internationally since launching as a newspaper in 1986. Today, its all-digital platform offers breaking industry news, race results, statistics, tips, and betting platform integration. As part of a heavily regulated industry, Spotlight Sports Group invests huge amounts of time and effort to ensure it, and its 40+ suppliers, meet the governance, regulatory and compliance requirements of its industry.
Spotlight Sports Group wanted to automate its supplier management and onboarding processes, so that it could improve the experience for both staff and suppliers. A typical onboarding process requires a supplier to complete a host of forms about every aspect of its business operations. They are time consuming to manage for all parties, leading to delays, complications, and poor visibility of risks. One critical area that Spotlight Sports Group assesses suppliers for is the ISO 27001 Information Security Management certification, and the team could see a clear opportunity for this to be more efficiently managed.
Victor Mihailescu, Head of Security at Spotlight Sports Group, highlighted: “A lot of our team’s time and energy was being taken up by the existing processes – we wanted that time back so staff could focus on higher value tasks. We considered a range of solutions, from simple cloud-based forms, through to well-known third-party risk management platforms, which were expensive and over-complicated. Rizikon Pro, which is aimed at SMEs, offers us by far the best fit for our supplier management needs with its balance between functionality, collaboration features and flexibility.”
Rizikon Pro is a secure, encrypted portal which puts an organisation in control of managing risks in its supply chain and the financial, regulatory and reputational risks they indirectly carry. Rizikon Pro contains standard questionnaires on subjects such as cyber security, GDPR, supplier on-boarding, modern slavery, and anti-bribery & corruption. Customers can also create their own question sets and scoring approaches, enabling a 360-degree view of supply chain risk in a single pane of glass.
A rapid implementation with 50% time saving
Implemented in a matter of weeks, using ‘out-of-the-box’ questionnaires and very little customisation, Spotlight Sports Group was able to move quickly from a trial to a live solution, with immediate efficiency gains for day-to-day process. For example, a new supplier can be added to the Rizikon Pro platform in under five minutes, sending out questionnaires for supplier completion via a Spotlight Sports Group branded, encrypted secure portal. Supplier onboarding has been greatly improved in part by Rizikon Pro’s integration with CreditSafe, which combines questionnaire responses with data on over 320 million companies worldwide, including their credit risk scores, saving staff a huge amount of time.
Mr. Mihailescu added: “All of our supplier onboarding communication and management now takes place in Rizikon Pro. As a result, we have halved the time we spend on supplier management and made the process easier for our suppliers. All the information and discussions about questionnaires is kept in one place and we can clearly see when and by whom forms were completed, removing any non-repudiation risk.”
More savings to come with Rizikon
Spotlight Sports Group can now easily and transparently demonstrate to auditors its compliance processes, which are reinforced by Rizikon Pro. For example, the team can identify suppliers that need encouragement or support to complete questionnaires, which is an important step to ensuring compliance. Spotlight Sports Group predicts even greater time savings in the future, because the anniversaries on which suppliers must review and update their compliance data will be automated by Rizikon Pro. This will further reduce the risk of non-compliance and remove administrative overheads.
Mr. Mihailescu concluded: “Our focus so far has been on our ISO 27001 certification and supplier onboarding, but we are already looking at other areas of compliance that can benefit from Rizikon Assurance. We’ve had a great relationship with the Crossword team, who have been both enthusiastic and responsive to our feedback on ideas and new features for Rizikon Pro. The platform and team have met all our expectations.”
Sean Arrowsmith, Group Sales Director at Crossword, commented: “Good governance and compliance has become increasingly important for companies of all sizes, but can be a real challenge for SMEs. Most companies would be horrified if they calculated the amount of time and risks involved in running poorly implemented supplier management and compliance processes. Spotlight Sports Group implementation of Rizikon Pro, which we launched last year aimed specifically at supporting SME organisations, demonstrates what can be quickly and easily achieved when companies implement the right solution and a robust supplier assurance framework. Ease of implementation alongside successful partnership programmes, has been key in driving a tenfold increase in the use of Rizikon over the last six months, to over 250 users.”