Customer Company Size
SME
Region
- America
Country
- United States
- Argentina
- Mexico
Product
- RiskRate®
- EthicsPoint®
Tech Stack
- Risk Management Software
- Due Diligence Software
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Productivity Improvements
- Cost Savings
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Consumer Goods
Applicable Functions
- Procurement
- Business Operation
Use Cases
- Regulatory Compliance Monitoring
Services
- System Integration
About The Customer
Hy Cite Enterprises is a wholesale distribution company that has been in business for over 50 years. Initially, it was primarily a domestic company, operating only in the United States. However, about fifteen years ago, Hy Cite began expanding its operations in Mexico and then in Argentina, and soon it expanded to other countries around the world. As their global profile grew, so did the complexity of managing the many subsidiaries, suppliers and different types of compliance risks to which the company was now exposed. The company was using internally developed applications to track and monitor third parties, collecting information from a variety of sources that were not meant to manage the due diligence process.
The Challenge
Hy Cite Enterprises, a wholesale distribution company, began expanding its operations globally about fifteen years ago. As their global profile grew, so did the complexity of managing the many subsidiaries, suppliers and different types of compliance risks to which the company was now exposed. Performing due diligence on new third parties and continuously monitoring those entities was challenging. Hy Cite was using internally developed applications to track and monitor third parties, collecting information from a variety of sources that were not meant to manage the due diligence process. The company realized that it was not sustainable to continue using the same systems and needed a system that had what they needed in a single place.
The Solution
After much research and internal discussion, Hy Cite decided to implement RiskRate enterprise due diligence software to meet its growing needs. RiskRate provided Hy Cite with the ability to screen and continually monitor its third parties in a single system. With RiskRate in place, Hy Cite is able to provide its potential third-party partners a screening questionnaire in their own language with a simple on-line form that can be filled out at the beginning of the due diligence process. Once a third party is entered into the system, Hy Cite receives a report from RiskRate. Through clear and direct ratings, the report shows the company where potential risks may exist. Hy Cite is then able to decide if the identified items need to be escalated and investigated or if the potential relationship with a particular third party needs to be avoided.
Operational Impact
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