AUSTIN, TX – Headline-making fines for corporate violations of government regulations have led to intensified corporate attention to compliance programs, with a special focus on the growing complexity of those programs. Corporate compliance officers are increasingly seeking solutions to automate the management of due diligence on third-party vendors globally and to monitor those vendors’ behavior.
Securimate, a global leader in third-party compliance solutions, examined a recent surge in its sales to Fortune 1000 companies to better understand decision making behind large companies’ purchasing of compliance solutions. Securimate added 14 Fortune 1000 clients over the first half of 2015 with combined annual revenues exceeding $220 billion and market capitalization of over $1 trillion. These companies will use Securimate’s compliance solution software to manage more than 300,000 third-party intermediaries, agents, distributors, franchisees and supply chain vendors.
“These businesses selected Securimate for varied reasons,” said Brad Gates, Securimate’s Chief Customer Officer. “Some were automating third-party compliance for the first time. Others were using software, but had combined multiple platforms; they wanted more efficiency and automation and a way to streamline their programs.”
Mr. Gates added that companies with a patchwork of software programs realized they needed an enterprise-level solution to systematize compliance activities. “Many new clients expressed the need to achieve better compliance program management across vast numbers of business units globally.”
A recent Compliance Week global survey of 250 compliance officers showed that 51 percent expected their companies’ bribery and corruption risks to accelerate. Only 10 percent expected a decreased risk. Yet, the survey showed many companies still have not implemented basic automation to improve and streamline their compliance programs.
“The good news is increased attention to compliance in the business world, with growing compliance budgets and more Chief Compliance Officers reporting to the audit committees of Boards of Directors,” Mr. Gates commented. “This is very appropriate, considering the increasing complexity of regulatory requirements globally, and the continuous stream of bribery and corruption cases.”
Securimate is the leading enterprise third-party management software-as-a-service (SaaS) compliance solution that enables multinational companies to systematically on-board, manage, monitor and audit their sales channel and supply chain participants. Securimate’s flexible workflows deliver detailed performance analytics that help its clients (including nearly 200 Fortune 1000 companies) ensure regulatory compliance, maximize supply chain efficiency and comply with data privacy laws and regulations.