DENVER, CO--(Marketwired - Oct 4, 2017) - Convercent, a leading provider of ethics and compliance software, today announced the addition of Convercent Third Party ™ to the Ethics Cloud Platform. Ethics and compliance are more critical than ever to long-term business success, and global enterprises are responsible for ensuring the thousands of third parties they partner with reflect their own ethics and values. In addition to streamlining due diligence, Convercent Third Party leverages the analytics-driven Ethics Cloud Platform to correlate hotline and conflict of interest disclosures for a more comprehensive, holistic assessment of third party risk over time.
"Business leaders are shifting away from reactive compliance towards proactive ethics and values. It's critical third parties align with a company's code of conduct, because even one weak link exposes their hard-won culture to significant risk," said Convercent CEO and Co-Founder Patrick Quinlan. "Convercent Third Party makes it easy for business leaders to analyze risk via a single, bird's eye view of their third party landscape and extend core ethics beyond their own four walls."
Convercent Third Party's holistic view of third party risk eliminates the danger of missing critical information due to siloed data and disconnected systems. By visualizing and assessing risk on an ongoing basis, Convercent Third Party ensures partners operate by the company's code of conduct to reduce overall risk and drive better business performance.
This technology comes at a time when companies are under more pressure than ever to manage third party risk. According to the Forrester Research GRC Vision 2017-2022 report, "Corporate customers are applying tougher standards to B2B firms than regulators do. In the US, regulatory guidance from the FFIEC, HIPAA, and other authoritative sources are demanding that firms spend more time and attention managing third-party risk." 1
To help business leaders meet these tough standards, Convercent Third Party capabilities include:
Workflow Automation: Built-in workflow automation provides a comprehensive, efficient and flexible process for onboarding and maintaining third parties.
- Customize quarterly questionnaire to accurately assess third party risk level;
- Approve new third parties quickly and confidently while identifying opportunities for improving the overall management process;
- Monitor and ensure third parties remain in line with company code of conduct over time through an automated cadence of regular self-service questionnaires.
Ethics Cloud Platform Insights: Leverage the data-driven power of Convercent's Ethics Cloud Platform. Correlate third party data with Convercent Insights, Convercent Disclosures and Convercent Helpline to gain a deeper level of understanding about the overall health of supplier relationships. For example, conflict of interest disclosures, like personal relationships, are correlated with third party data and factored into risk analysis, selection and approval.
Visibility and Analytics: Eliminate silos with a central store of all ethics and compliance data, business system information and external data. This includes helpline, disclosure, and HR system data, as well as due diligence information like sanctions, watch lists, do not trade lists, and PEP lists. With this unified data store, business leaders have top-to-bottom visibility into third party compliance and ethics.
To learn more about Convercent Third Party, contact Convercent's team at convercent.com/contact .
About Convercent As a leading global provider of ethics and compliance software, Convercent weaves ethics and values into everyday operations at some of the world's largest and most admired companies. Its Ethics Cloud Platform, which includes a suite of applications including Convercent Insights, Convercent Helpline, Convercent Campaigns, Convercent Disclosures and Convercent Third Party, leverages a global dataset to deliver business leaders the insights required to make proactive, informed decisions about their company's ethical health. Companies use Convercent to engage with employees, understand organizational risk and create opportunities for stronger, sustained business performance.
Convercent has over 600 global customers including Microsoft, Tesla, Four Seasons Hotels and Resorts, Capgemini and Under Armour. Customers span all industries, regions and sizes and represent a growing breed of business leaders who care deeply about driving ethics to the center of their organizations. Convercent is based in Denver, CO, with an international office in London. The company is backed by Sapphire Ventures, Tola Capital and Azure Capital Partners.
1 GRC Vision 2017-2022: Customer Demands Escalate As Regulators Falter", Forrester Research, Inc., February 2, 2017
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