Eric Lochner, President & CEO“Conducting business globally is becoming increasingly complex from a regulatory standpoint,” begins Eric Lochner, President and CEO, at Steele Compliance Solutions, Inc. “Without careful planning; it is entirely possible to be in breach of one country’s laws while trying to abide by another’s.” For instance, consider U.S.’s FCPA statute that enables facilitation payments and only covers bribes to foreign officials whereas U.K. Bribery Act prohibits facilitation payments and extends to commercial bribery as well as bribery of foreign officials. On top of that, as U.S. regulators may expect specific data collection and storage in the due diligence process, it becomes essential for companies to abide by the regulations in light of the increasingly stringent data privacy provisions set forth by the European Union and its individual member countries. These disparities in the global compliance landscape have posed a huge challenge for procurement organizations. Set to simplify procurement in an increasingly complex global regulatory scenario is Steele Compliance Solutions Inc. based in San Francisco, CA. Being in the business intelligence industry for more than two decades, Steele understands these myriad of challenges. Securimate, Steele’s third party automation tool designed to provide their clients with a flexible framework to implement a global compliance program that meets these often competing interests.
“At the heart of Securimate’s framework is a risk model that allows companies to assess risk both qualitatively and quantitatively and prescribe a consistent approach to mitigating risk based on a determined level of risk,” explains Lochner. With this approach, Securimate maintains consistency with U.S. global regulators as well as international bodies such as the OECD’s Anti-Bribery Convention and the new ISO 37001 anti-bribery compliance program standard.
Securimate’s SaaS platform helps procurement organizations in due diligence before choosing right third party suppliers or intermediaries’. The solution enables enterprises to evaluate third party buyers’ or sellers’ reputations, legitimacy and commitment to do business with the utmost regard for international standards. Further, the centralized platform optimizes functionality of an enterprise by collecting the information related to third party data, streamlines on boarding and renewal, manages and monitors the workflow and ensures ongoing compliance through a robust audit trail.
At the heart of Securimate’s framework is a risk model that allows companies to assess risk both qualitatively and quantitatively and prescribe a consistent approach to mitigating risk based on a determined level of risk
It provides companies with an ABAC compliance solution, with which procurement organizations can enhance transparency and improve third party identification.
The biggest pain point in the world of supply-chain risk is the mounting volume of data and inability of companies to run a successful ABAC compliance program. Recently, Securimate assisted large global logistics company in cleansing the irrelevant data and performing a third party white list exercise to meet global trade compliance requirements. This was done by performing data cleansing exercise on 1.3 million rows of third party data spanning across more than 160 countries and by extracting data from nearly 80 different data systems globally. The company then normalized, aggregated, and de-duplicated this large amount of data to reduce the size of the data file. Further, Securimate ran all the entities through Global Database Check screen to clear all irrelevant data and to generate a “white list” of approved third party suppliers.
Forging ahead, Securimate will continue to innovate through new functionality developments such as real-time monitoring, business intelligence visualization and predictive risk analytics to improve the efficiency of supply chain processes. “We are in a fast growth mode in our industry right now and we at Steele are excited to be leaders in driving the innovation that shapes the future of this industry,” he concludes.