Navigant Announces Enhanced Third Party Due Diligence and Compliance
CHICAGO, Sep 13, 2011 (BUSINESS WIRE) --
Navigant (NYSE: NCI) announced today the launch of DecisionPointSM, the latest enhancement to its existing suite of third party due diligence and compliance solutions. DecisionPointSM is an innovative and proprietary on-boarding portal which serves as the foundation of a global company's third party anti-corruption program. The tools contained within assist multinational companies in identifying high risk business partners and implementing measures to mitigate corruption risks.
The spectrum of Navigant's risk-based solutions includes a proprietary third party risk scoring methodology, case management solution, compliance work flows, multiple due diligence investigative options, and remediation and training services.
"Global companies maintain relationships with thousands of business partners and intermediaries all over the world, making it extremely challenging for companies to fully understand their level of bribery risks associated with their third party vendors," states Joseph Spinelli, Managing Director and leader of Navigant's Anti-Bribery & Corruption Investigations & Compliance team."In today's environment, companies need to have very sophisticated compliance processes in place in order to effectively manage third party corruption risks."
Developed by Navigant's forensic data analysis experts and compliance and investigative professionals, DecisionPointSM applies objective criteria and outside data sources as part of a multidimensional risk ranking system to isolate high risk third party relationships for further examination. This approach enables companies to make informed decisions throughout the on-boarding process and better aligns procurement and compliance processes. The tool can also be leveraged for reviewing existing third party relationships.
When Celanese Corporation wanted to proactively enhance its Anti-Corruption Compliance program, it worked closely with Navigant to customize an online tool to review current and prospective business partners. Gary Rowen, Chief Compliance Officer, noted, "DecisionPointSM has provided us with a comprehensive, user-friendly management platform to assess and address the potential risks associated with prospective third-party business partners at the outset of our relationship with them and on an ongoing basis."
"Identifying and risk ranking customers, while widely accepted as part of a risk based approach with financial institutions, is still a relatively new concept for multinational companies in evaluating their third party business partners," observes Scott Moritz, Navigant Managing Director who has worked with many organizations to develop third party monitoring programs. "Global, decentralized companies really need to consider developing a two pronged approach to due diligence which integrates a robust compliance process together with technology in order to ensure a cost efficient and comprehensive anti-corruption compliance program."
About Navigant's Global Investigations & Compliance Team
Navigant's Global Investigations & Compliance team has unparalleled anti-bribery and anti-corruption expertise. Its professionals conduct investigations and assess and enhance compliance programs, including internal controls systems; develop and implement training programs and deploy proprietary technological and investigative due diligence protocols for some of the world's largest companies.
For more information about Navigant's anti-corruption services, please visit www.navigant.com/anticorruption.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.