A Technology Company

NEWS

Assuring Total
Enterprise Compliance

Screening for all relationships early-cycle with system-to-system connectivity across the company

Background & Context

An S&P 500 major global water treatment company that manufactures water treatment products for residential, commercial, industrial, municipal, and agriculture based needs. Examples include pool & spa equipment, filters, pumps, heating & cooling needs, tanks, valves, and much more. They inherited a set of compliance challenges after an important merger.

They have a history of mergers and acquisitions, and continue that course today, which creates business and compliance needs on a regular basis.

Challenges & Opportunities

After investigation, several important challenges and opportunities were uncovered.

  1. Cycle time to process a third-party compliance record was very slow
  2. Burdensome process involving multiple software systems, data and service providers, and individuals that got involved
  3. Lacking integrated screening component
  4. Order management and billing to business units of Enhanced Due Diligence was a disaster
  5. Ever changing business climate but rigid systems that could not adapt to changes easily

Solution & Ongoing Success

Third-Party due diligence automation solution:

  • Integrated data collection / questionnaires
  • Custom, integrated risk scoring
  • Custom workflows to involve the appropriate people into the process only when required, holds responsible for completing their tasks
  • Inline World-Check screening
  • Inline EDD ordering presented to the business sponsor
  • Auto approvals based on risk
  • Tallying of spend levels to determine ongoing risk levels and requirements
  • Steering committee inline reviews
  • Inline Third-Party compliance certifications
  • Inline Third-Party compliance training & quiz
  • Ongoing case file management
  • Custom notifications
  • Multi-language
  • Much more…

Ecstatic with the outcome

  1. 4 weeks to 4 minute approvals
  2. Reduced burden on compliance team
  3. Reduced burden on sales & supply chain
  4. Reduced burden on third party customers and vendors
  5. Added Contract Case Management to the process
  6. Added Additional Third Party Attestations & Certifications (GDPR, Anti-Diversion, etc.)
  7. Added Gifts & Hospitality Compliance
  8. Added International Trade Transaction Compliance
  9. Added Restricted Party Screening
  10. Added Salesforce Integration
  11. Added Streamline – End to end automation of the enterprise for compliance

Final Thoughts

Bottom line is 319 InSight is the global leader in reconfigurable automation technology for enterprise compliance business processes. Even immature corporations in compliance will eventually grow and seek solutions like this organization has with us now. Our partnership with Refinitiv combines the world’s best reconfigurable automation technology with the world’s best data and due diligence services