Given the increasing regulatory enforcement pressure as well as the heightened global and regional trade activity; many compliance, legal, and procurement professionals are overwhelmed with the prospect of managing every third-party relationship within their global supply chain. Most solutions on the market only satisfy a small component of the third-party compliance lifecycle and are cost-prohibitive when applied to 100 percent of third-party relationships. No two organizations’ risks are the same, nor are their processes to manage them hence there is no ‘one-size-fits-all’ approach to third-party due diligence and end-to-end compliance management. However, third-party management tools currently on the market most often force corporates down a particular defined and prescriptive process, rather than giving them the flexibility to configure their needs and requirements into a dynamic and fit-for-purpose workflow. To address these challenges, ethiXbase, a proven leader in third party compliance and due diligence, has designed its namesake platform. This then lead to a digital transformation of an end-to-end third party compliance management via configurable risk-based technology and due diligence services.
“We have built ethiXbase 2.0 to support every nuance of a client’s unique third party compliance process, and we keep innovating to ensure that our customers’ needs are satisfied and their expectations are not just met but exceeded,” says Leas Bachatene, CEO of ethiXbase.
Further, ethiXbase’s configurable Predictive Risk Indicator (PRITM) algorithm is used to isolate third parties for further review and escalation based on the clients' specific risk criteria and methodology. ethiXbase’s expert team of in-house multi-lingual research specialists then performs enhanced due diligence when required. Additionally clients can utilize the platform to track, monitor, and record all communication touch points with third parties, including digital attestation to policies and codes, online due diligence questionnaires, surveys, and third-party training as and when required. Clients can save time by automating necessary but repetitive and manual processes within their third-party compliance framework, which frees resource for business-critical tasks. All of these features combined with powerful management reporting and a detailed audit trail not only provide an evidence-driven defensible position but also facilitate true business intelligence.
ethiXbase’s clients range from Fortune 500 companies who are leaders in their respective industries to small and medium-sized organizations. A recent example of customer feedback is of a client that was looking for a solution for corruption/bribery with appropriate reporting/ dashboard capabilities. ethiXbase’s solution fit perfectly for their needs. The team is constantly looking for new and innovative ways to assist clients in reducing third-party risk and further configuring solutions to their specific needs.
In line with these goals, ethiXbase is examining new ways to harness blockchain technology to facilitate the real-time multi-way transfer and update of business-critical compliance information between corporates and their third parties. Additionally, the company will continue to invest in further development and integration of Artificial Intelligence(AI) and Machine Learning (ML) to both identify potential third-party risks and known associates whilst ensuring accuracy by eliminating false positives.