WASHINGTON, April 19, 2017 — Two global risk management pioneers today announced a partnership that streamlines the delivery of high-volume compliance and third-party screening solutions to large and small corporates, financial institutions, private equity firms, and a host of other regulatory compliance consumers. Collaboration between ethiXbase and Integrity Risk International expands the availability of no-cost, high volume baseline screening for third parties alongside one-stop shopping for enhanced due diligence for higher-risk subjects.
Powered by ethiXbase’s game-changing third party compliance technology — that provides zero cost instant and ongoing due diligence against over 120 million global company records, sanctions, and enforcement databases and cost-effective escalation workflows for third parties in need of further review — IntegrityRisk’s research and intelligence gathering arm can efficiently drill down and focus on flagged high-risk entities, all from a single platform.
- Capitalizing on advancements in data, technology, and due diligence, the Singapore-headquartered ethiXbase supplies the industry’s first ever free sanctions and enforcement screening – allowing organizations to conduct baseline instant and ongoing due diligence on every single third party in their business networks – that might otherwise fall through third party compliance cracks.
- IntegrityRisk tackles enhanced global due diligence challenges through customizable and calibrated leveraging of its international network and deep subject matter expertise. With offices in Washington, D.C. and New York, N.Y., IntegrityRisk oversees a hand-picked global network of over 250 on-ground experts spanning six continents.
Greater efficiencies combining affordable risk identification with high-caliber due diligence can’t come fast enough to today’s compliance marketplace. The Foreign Corrupt Practices Act (FCPA), tightening anti-bribery and corruption (ABAC) laws across the world, the EU’s sweeping anti-money laundering (AML) legislation, and FinCEN’s new Customer Due Diligence (CDD) Final Rule are just a few examples of how substantial legal and compliance burdens are imposed on organizations across a spectrum of regulatory frameworks. The scramble to manage compliance demands around ABAC, AML, Know Your Customer, Foreign Account Tax Compliance Act (FATCA), and the new global Common Reporting Standard isn’t just spawning headline-grabbing investment in fintech and regtech, but is pushing the outer limits of many organizations’ legacy systems and compliance staff resources.
Doing business with the wrong third party can be devastating to a business, a reality that inspired the two firms to join forces to remove obstacles to economical risk-based screening. “Our partnership with ethiXbase immediately and directly benefits our clients, many of whom are clamoring for a solution to challenges around high-volume screening,” said IntegrityRisk founder and CEO Jim McWeeney. “This offers the best of both worlds: the ability to screen large volumes of names through ethiXbase at zero cost on our platform — and then efficiently escalate any flagged subjects for enhanced or other specialized due diligence, which is our sweet spot.”
ethiXbase CEO Leas Bachatene described the partnership with IntegrityRisk in similar terms. “Breaking down barriers to fighting bribery and corruption through industry-leading and cost-effective third party management and due diligence services is what our company has been about since its inception,” said Bachatene. “Turbo-charging IntegrityRisk’s due diligence with the latest development in anti-corruption technology from ethiXbase, not only expands accessibility to our innovative due diligence solution in the Americas, but opens a door to working closely with an emerging leader in the evolution of risk management services.”
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IntegrityRisk helps companies proactively assess and reduce risk, respond to threats and crises, and monitor ongoing business activities worldwide, including all emerging markets. Its management bench is comprised of leaders and innovators in risk management best practices.
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ethiXbase assists organizations, no matter their size or budget, with shielding themselves from allegations of bribery or corruption in their third-party network through cost-effective due diligence, ongoing monitoring and ethics and compliance education.
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