Welcome to a multi-part podcast series, Smart Automation for Risk Management, sponsored by Lextegrity Inc. Over the course of this series, we will be visiting with Parth Chanda, Founder and Chief Executive Officer (CEO), Andy Miller, Chief Analytics Officer, and Kara Bonitatibus, Head of Product. We will look at the Lextegrity Product Suite, take a deep dive into continuous risk monitoring, consider 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 1, we meet Chanda, Miller and Bonitatibus who introduce Lextegrity and the Lextegrity Product Suite.
Lextegrity began through a frustration Chanda had with the then products available to him for a compliance solution from the data analytics perspective, which would utilize data for risk management. Out of this frustration, Lextegrity was founded by subject matter experts across compliance, legal and audit disciplines with a real passion for risk management. Chanda wanted to combine more powerful tools with a world-class user experience all in a software solution. This comprised a more powerful and highly flexible automation and workflow technology integrations with other enterprise systems. So, we thought “why not build that dream software solution that we all wished when we were in house, focused software suite focused on spend and counterparty risk, including fraud, bribery, corruption, asset misappropriation, sanctions, conflicts of interest, and then addressing those risks using workflow as well as data analytics across the lifespan of those risks.”
Chanda noted that within the space of digital transformation for risk management, Lextegrity is “right at the center of that transformation. Lextegrity has a workflow solution on one side that can really manage any workflow. The common ones are a third-party due diligence, conflicts of interest gifts, and hospitality, even industry specific workflows like HCP engagements and grants management for our life sciences customers.” Chanda said the Lextegrity system also creates workflows that integrate with Human Resources (HR) and financial systems to implement more powerful controls. “We have customers who approved donations in our system. We also have customers go to SAP to initiate the payment process, which connects to the Lextegrity system so that adds another layer of control.”
Chanda went on to explain that Lextegrity has “a risk monitoring data analytics solution that connects with ERP systems, HR systems to risk score, every single transaction, together with workflows to manage those transactions visualizations and to visualize that enterprise risk as well.” The bottom line is that “data really is at the core of what we’re doing, but it’s really, even more than that. We are really trying to solve internal control problems for our customers.” All of these factors have led to the emergence of Lextegrity as one of the most powerful risk and compliance platforms in the compliance space. Chanda noted that the Securities and Exchange Commission (SEC) specifically cited Lextegrity software in Alexion Pharmaceuticals’ Foreign Corrupt Practices Act (FCPA) resolution as part of their remediation credit, “which also helped them avoid the monitor”. Further, nearly 50% of the Lextegrity customer base today has selected the company’s products after a publicly disclosed FCPA matter. Lextegrity is “consistently being turned to help remediate programs, which gives us opportunities to be in front of authorities.”
Join us tomorrow where begin an exploration of continuous risk monitoring.
For more on Lextegrity, check out their website here.