Smart Automation for Risk Management: Part 4, Pre-Approval and 3rd Parties

Innovation in Compliance with Tom Fox

Welcome to a multi-part podcast series, Smart Automation for Risk Management, sponsored by Lextegrity Inc. Over the course of this series, we are visiting with Parth Chanda, Founder and Chief Executive Officer (CEO), Andy Miller, Chief Analytics Officer, and Kara Bonitatibus, Head of Product. We have reviewed Lextegrity Product Suite, taken a deep dive into continuous risk monitoring, considered pre-approvals and third-party due diligence and integrations and user experience. In a special bonus episode, Chanda and I will discuss the Integrity and Analytics Collective. In Episode 4, I visit with Bonitatibus on pre-approvals and third-party due diligence.

We began with a discussion of the pre-approval process and third-party due diligence monitoring tools that Lextegrity has developed. Bonitatibus initially noted that often times the business folks see the compliance function as the department of holding things up. This led the Lextegrity team to look at questions such as “how do you build a system that is easy to use, intuitive gets users in and out of the system and gets them the answers they need as quickly as possible?”

The Lextegrity difference is that it can build workflows unique to your business. Bonitatibus noted the solution has workflows in 14 languages, soon to be 20. It can provide customers with template content, across multiple questionnaires. There is a library of content which based on an internal review of enforcement actions and other public source documents, all of which are configurable. She went on to say, “we implemented multiple workflows in over a dozen languages in a hundred countries and less than 90 days, in a new tech driven compliance program. That’s what makes our software really powerful.”

We then turned to the question of how companies are in many cases not using the pre-approval workflows efficiently. One of the pillars of Lextegrity is to be more data driven across all of our products, including in the pre-approval workflow. “The Lextegrity solution embeds analytics and thresholds directly into the preapproval process, which provides approvers with data to inform their decisions. This means you are not simply looking at the information which is provided by the submitter or the requester. It expands out to things like aggregate spend and aggregate frequency. For example, how many gifts has this government official already received? How much has this particular healthcare professional received in the context of a meal or a consulting fee?”

Join us tomorrow where explore integrations and the user experience with Bonitatibus.

For more on Lextegrity, check out their website here.