Jan. 25, 2022 ---Ethisphere and Lextegrity Launch Diagnostic to Enable Organizations to Assess Maturity of Digital Compliance Processes
Online diagnostic allows organizations to benchmark against leading practices and develop a roadmap for key areas of digital transformation: automation, monitoring and data analytics.
Ethisphere and compliance risk automation and analytics software specialist Lextegrity have launched a Compliance Digital Transformation Maturity Diagnostic designed to help organizations measure the maturity of their digital compliance processes and define a roadmap towards transformation.
The launch of the diagnostic follows a series of announcements from regulators and prosecutors which have signaled a growing expectation for companies to anticipate and address misconduct more quickly and more effectively. Technology can play a key role in streamlining and enhancing processes to support this goal, but for many companies it is difficult to define a digital transformation journey. The diagnostic bridges that gap by enabling organizations to measure their current state and guide them towards an improvement roadmap.
To start the Compliance Digital Transformation Maturity Diagnostic process, sign up by clicking on the following link and a member from the Ethisphere team will reach out with unique log-in credentials and instructions: https://ethisphere.com/what-we-do/compliance-digital-transformation-maturity-diagnostic/
The diagnostic focuses on four specific compliance process areas where risks routinely arise: third-party due diligence; gifts, travel and hospitality expenditures; conflicts of interest; and sponsorships, donations and political contributions expenditures. Following an initial online assessment of these areas, the diagnostic delivers benchmarking of results based on a proprietary compliance digital transformation maturity scale. Participants are provided with a fully customized digital transformation roadmap created for the organization during a virtual workshop.
The diagnostic is now available as an added benefit to Ethisphere’s 370 Business Ethics Leadership Alliance (BELA) community members.
“Regulators are turning up the heat on companies to use the data at their disposal to identify and prevent wrongdoing and make better-informed decisions."
- Parth Chanda, Lextegrity
The launch of the diagnostic comes as Lextegrity and Ethisphere continue their strategic partnership, primarily aimed at defining and developing leading practices, resources, and analytics to support the wider use of automation and data analytics in ethics and compliance. Over the past year this has resulted in a well-received data analytics masterclass series and educational webinars about the utilization of data within compliance programs, and a whitepaper specifying how automation and analytics can help organizations overcome the challenges of mitigating third-party risk.
“Regulators are turning up the heat on companies to use the data at their disposal to identify and prevent wrongdoing and make better-informed decisions. We’re delighted to extend our partnership with Ethisphere to enable ethics and compliance leaders to leverage the power of data within their own programs,” said Parth Chanda, Chief Executive Officer of Lextegrity.
“Automation and data analytics are on the agendas of all ethics and compliance leaders. Lextegrity has been an excellent partner in providing our BELA members and others with valuable insights about how to use automation and data analytics to streamline and improve programs,” said Erica Salmon Byrne, President, Ethisphere.
Companies interested in getting involved with these activities or the Ethisphere and Lextegrity partnership can learn more by visiting https://ethisphere.com/what-we-do/lextegrity/
Ethisphere is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies® recognition program provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with Ethisphere Magazine. Ethisphere also helps to advance business performance through data-driven assessments, benchmarking, and guidance. More information about Ethisphere can be found at https://ethisphere.com
About the Business Ethics Leadership Alliance (BELA)
Founded by Ethisphere, the Business Ethics Leadership Alliance (BELA) is a globally recognized organization of more than 370 leading companies, collaborating together to share best practices in governance, risk management, compliance and ethics. BELA’s membership has since grown to a large community of companies in pivotal markets including South Asia, Latin America and Europe who recognize the inherent value of promoting ethical leadership and world-class compliance culture. Learn more about BELA by visiting http://bela.ethisphere.com
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 has been cited by the SEC in an FCPA resolution and aligns closely with the recent DOJ updated guidance on effective compliance programs.