New combined entity reflects the critical need for third-party transparency and engagement in sustainable and ethical supply chains.
LONDON, Jan. 10, 2023 /PRNewswire/ — Ethixbase360, a global leader in third-party risk management and compliance technology, today announced the most advanced, comprehensive third-party risk management platform on the market, from passive to collaborative due diligence, following the integration of its platform with the recently acquired Tcompliance.
Tcompliance’s market-leading anti-bribery due diligence solutions, including its well-known Tcertification reports, are now available as part of the Ethixbase360 platform, designed to help businesses screen, evaluate and engage suppliers and intermediaries across their complete supply chain.
Ethixbase360 meets the complexity of geopolitical pressures and economic turbulence as these external factors change the role of compliance and threaten operational agility. Building on the acquisition of Tcompliance last year, the expanded platform offers comprehensive solutions that address the expanded nature of third-party relationships and offer visibility into increasingly opaque global networks.
The new Ethixbase360 platform offers:
- Third-party Tcertification through an industry-recognized due diligence process that shifts due-diligence costs to the third party
- ESGmetrics for screening suppliers by standardizing and verifying ESG policies and controls with vetted third-parties included in a publicly searchable database
- Automated and configurable risk assessments for antibribery, anticorruption, ESG and modern slavery
- Instant sanctions, adverse media and political exposure screening from one of the world’s largest risk profile databases for third parties and key associates, including premium corporate data with ongoing monitoring and false positive remediation
- Risk and resilience indicators across key ESG performance areas
- Enhanced due diligence reports with multilingual analysis in more than 35 languages
- Training and eLearning modules to support third-party viability and diversity
Ethixbase360’s mission is to help companies bring transparency to 100% of their third-party network, as global supply chains are only as strong as a company’s weakest third-party. The Ethixbase360 platform is built on the company’s proprietary methodology Explore, Enhance and Engage, which enables organizations to manage their supply chain compliance and security based on risk exposure. The centralized platform is designed for both companies and their third parties and offers everything from low-touch automated screenings across the entire network to enhanced due diligence and hands-on engagement with high-risk suppliers and intermediaries.
“Risk and compliance jobs have changed and the challenges facing organizations continue to evolve due to the decentralized nature of the global economy. The strategies organizations are using to assess third-party threats is misaligned with what is actually required in this moment. Third-party risk management requires transparency, accountability and collaboration with suppliers and intermediaries.” –Leas Bachatene, Chief Executive Officer for Ethixbase360.
“Ethixbase360 delivers a collaborative approach to third-party risk management. Our process of certifying, educating, guiding and supporting a company’s entire third-party network ensures that there is true collaboration and an equal commitment to sustainable and ethical business practices.” –Pia Vining, President Americas and Global Research for Ethixbase360.
Ethixbase360 delivers market-leading technology to help companies identify, manage, and mitigate risks in their third-party network. The Ethixbase360 platform was designed to automate the identification of relevant risk indicators, provide insights from the data collected, and then create a positive impact for both its clients and their third parties with monitoring and training. Ethixbase360 acquired Tcompliance, formerly known as TRACE Inc., in 2022 expanding its suite of risk-based due diligence solutions to offer a unique collaborative approach that reduces screening costs for companies. Combined, the two companies have conducted over 600,000 due diligence reviews in every non-sanctioned country and monitor more than 2 million third parties daily. Ethixbase360’s solutions are aligned with the 10 principles of the United Nations Global Compact, the world’s leading corporate sustainability framework. Learn more at Ethixbase360.com.