WASHINGTON & CHICAGO--(BUSINESS WIRE)--U.S.-based global enhanced due diligence and risk management firm Integrity Risk International and compliance risk automation and analytics software specialist Lextegrity Inc. today announce a partnership enabling customers of both companies to access a comprehensive, end-to-end, third-party risk management solution. The collaboration blends analytics-driven screening and approval workflows, enhanced due diligence (EDD) for higher-risk subjects, and ongoing spend monitoring.
Risk-savvy enterprises recognize third-party risk management is the backbone of a successful compliance program. Demand for an integrated approach has grown significantly due to COVID-19. Pandemic-driven fraud and supply chain disruptions have intensified the focus on third-party relationships, and the need to monitor those relationships across their full lifecycle.
Combining Lextegrity's SEC-cited SaaS solution for detecting fraud, corruption, sanctions violations, and conflicts of interest with IntegrityRisk's trusted EDD expertise and programmatic product set minimizes the legal and reputational risks when doing business with a third-party.
Lextegrity’s intelligent end-to-end software, built by former in-house compliance and audit experts, screens and monitors third-party reputational information as well as spend to flag high-risk anomalies.
- Once red flags are identified through Lextegrity’s software, they can be efficiently escalated to IntegrityRisk for enhanced or other specialized due diligence that leverages its global network, unparalleled subject matter expertise, and smart use of technology.
“Our partnership with Lextegrity immediately and directly benefits clients clamoring for an end-to-end compliance solution that is comprehensive, consistent, auditable, and defensible,” says IntegrityRisk founder and CEO Jim McWeeney. “Lextegrity's leading-edge workflow automation and data analytics ensure unprecedented technology efficiencies before any escalated, flagged subjects come to us for enhanced or other specialized due diligence, which is our sweet spot.”
Lextegrity CEO Parth Chanda describes the partnership with IntegrityRisk in similar terms. “The pandemic brought into sharp relief the risks present within every organization’s third-party network. Using technology to automatically detect those high-risk engagements, escalate them to experts like IntegrityRisk where necessary, and track them across their entire lifecycle, allows in-house compliance teams to operate a world-class third-party risk management program. We’re excited to partner with the IntegrityRisk team to bring that vision to life.”
ABOUT INTEGRITY RISK INTERNATIONAL
IntegrityRisk applies the power of due diligence to mitigate the full spectrum of third-party challenges, navigate non-transparent markets, assess joint venture and investment opportunities, and better manage transaction risk. Whether clients are conducting business in new and unfamiliar markets, working to comply with ABAC regulations, assess ESG risk, or evaluate joint venture and investment opportunities, IntegrityRisk has pressure-tested solutions that help enterprises manage and proactively avoid risk. Visit https://www.integrityriskintl.com to learn more.
Lextegrity is an industry leader in digital transformation of corporate risk management. It provides software to monitor spend and automate third-party due diligence and compliance pre-approvals to prevent and detect fraud, corruption, sanctions violations and conflicts of interest. Lextegrity was founded and is led by veteran legal and audit professionals with experience before the DOJ, SEC and other international regulators, who launched Lextegrity to build the risk management tools they wished they had when they were in-house. Lextegrity’s spend monitoring and approval software was recently cited by the SEC in an FCPA resolution and aligns closely with the recent DOJ updated guidance on effective compliance programs. Learn more about Lextegrity at http://www.lextegrity.com.