SOURCE: EthicsPoint

EthicsPoint

May 25, 2010 09:00 ET

EthicsPoint Announces Software Framework, Facilitating Specialized Compliance-Driven Solutions

Initial Solution Will Address the Corruption Risks Associated With Third-Party Engagements Globally

PORTLAND, OR--(Marketwire - May 25, 2010) - EthicsPoint, a recognized innovator in helping organizations raise visibility and mitigate operational risk, today announced an enhanced software Framework which allows EthicsPoint to more easily provide customers with solutions to manage multifaceted compliance challenges. Available in late 2010, the first new Framework-driven solution will address the growing issue of third-party risk management by bringing together elements of EthicsPoint's recently acquired and existing products to more richly support solution-driven customer needs.

The advanced Framework harnesses EthicsPoint's hotline and Issue & Event Manager with the recently announced Visualization and Policy Managers, a more focused professional services engagement and enhanced integration capabilities with partners, all coming together to provide customers with a scalable architecture to meet evolving governance, risk and compliance needs. Current solutions specifically targeted to meet singular business needs -- for example, EthicsPoint's existing Retail Loss Prevention Management solution -- are based on the Framework, as will future targeted solutions that customers require.

Managing Third Parties
Recent trends indicate that the United States government is increasing enforcement of statutes barring corrupt behaviors. Since 2005, the United States Department of Justice has brought more than 60 Foreign Corrupt Practices Act (FCPA) cases -- more than the total between 1977 (when it was enacted) and 2005. Internationally, governments are adopting their own hard-line stance against bribery and enacting changes like the recent UK Bribery Bill, even tougher legislation than FCPA. Because this new level of enforcement is likely to continue for some time as the worldwide focus on anti-corruption efforts grows, companies conducting business on a global scale must take steps to ensure compliance by proactively protecting against corruption within their extended enterprises.

The first new Framework-driven solution, "Third-party Compliance Management," aggregates vendor and supplier information (risk analysis & ranking), along with targeted data gathered via partner content providers, into a centralized Web-based repository which provides a flexible and sustainable management program that administers risk within acceptable tolerance levels summarized through a visualization display. Utilizing the EthicsPoint Issue & Event Manager, Policy Manager and Visualization Manager products, the Third-party Compliance Management solution allows organizations the assurance that proper steps are in place to prevent liability on their part.

"Factors like increased prosecution of the FCPA in the United States and recent ratification of the Bribery Bill in the United Kingdom make it an imperative for multinational companies to know who their vendors, suppliers and agents are, vet them and be aware of when outside factors may compromise them and expose the organization to risk," said David Childers, president and chief executive officer of EthicsPoint. "Providing a way to compile data from many aspects of a customer's business into a single solution that provides a clear picture of a specific business risk is the future of compliance and risk management offerings and we're proud to be among the first to provide that type of service."

Partner Ecosystem
Simultaneously, EthicsPoint's partner ecosystem continues to expand, continuing to deliver value to multinational customers with richer intelligence to inform decision-making; current associates consist of global partners with disciplines in third-party consulting, investigations and due diligence. The most recent partnership adding strategic value to Third-party Compliance Management will be with STEELE, a global business advisory and risk management firm that provides professional investigative services for large multinational companies to protect and enhance their enterprise value in an increasingly complex legal, regulatory and economic environment. 

About EthicsPoint
EthicsPoint is a recognized innovator in helping organizations raise visibility and mitigate operational risk. We help our clients protect their culture and reputation by facilitating the gathering of data that identifies current risks, managing the intake and evaluation process and enabling them to proactively mitigate future adverse events. More than 2,300 organizations use our products and services to align their business processes with their code of conduct, increasing awareness of potential organizational risks -- a critical component of their overall governance, risk and compliance efforts. For more information, please visit www.ethicspoint.com.

Contact Information

  • Contacts:
    Simmi Singh
    EthicsPoint PR
    Direct: (503) 924-1643
    Email Contact