“Our growth in business clearly reflects a growing concern by companies competing in the global marketplace where the need for ABAC and FCPA compliance has never been more acute,” noted Greg Dickinson, CEO of Hiperos.
Somerville, NJ (PRWEB) October 14, 2013
Hiperos, the leading provider of the industry’s first automated, intelligent Software as a Service (SaaS) solution for third party management, today announced that their 3rd quarter closed with a bang. On the heels of its recent GRC Value Award, Hiperos experienced an upsurge in interest from Fortune 500 companies for its best-in-class third party management solutions built specifically to manage the unique complexities and scale of third parties working with Fortune 500 multi-national companies. Hiperos closed a significant number of transactions in Q3, of which 7 were with major Fortune 500 brands. Accordingly its customer base realized a 52 percent increase from Q3 2012 to Q3 2013, with the annual contract value for subscription licenses from the same period increasing by 45 percent. Driven by heightened concerns around increased regulations in general, and anti-bribery and anti-corruption regulations such as the Foreign Corrupt Practices Act (FCPA) in particular, Fortune 500 companies and multi-national organizations spanning key industries are choosing Hiperos. New deals Hiperos closed were with companies in the oil and gas, manufacturing, electronics, industrial automation and financial services sectors.
Recently, there’s been a growing number of countries enacting or broadening the scope of their anti-bribery and anti-corruption (ABAC) laws extra-territorially. According to a report by global law firm CMS, over the past two years, more than 40 percent of European and BRIC (Brazil, Russia, India and China) countries have strengthened their anti-corruption legislation. Ninety-five percent of countries now criminalize corrupt practices of foreign citizens resident in their country for bribery committed beyond their borders; in 2011, this figure stood at just 68 percent.
American-based businesses are further challenged with FCPA compliance. The FCPA has become a major hot button issue for U.S. businesses, with huge fines and imprisonment at risk. Notably, the majority of FCPA investigations involve a company’s third parties — rather than its employees. In 2009, for instance, 10 of 11 corporate FCPA investigations involved illegal payments made by a third party. After the financial crisis of late 2008, the Obama administration, Department of Justice, and Securities and Exchange Commission have made enforcing FCPA compliance a top mandate. Consequently, FCPA-related fines have risen from less than $11 million in 2004 to almost $2 billion in fiscal 2009 and 2010. Currently, 95 companies are under investigation around possible FCPA violations.
“Our growth in business clearly reflects a growing concern by companies competing in the global marketplace where the need for ABAC and FCPA compliance has never been more acute,” noted Greg Dickinson, CEO of Hiperos. “Yet, companies are still not clear on their FCPA responsibilities. Almost 90% of organizations have no technology to assess, monitor, manage and report on the FCPA risk of their third parties. Companies are turning to technology-based solutions that were designed to squarely manage the complexities involved in dealing with hundreds of thousands of third party vendors. We’re delighted that a number of them have adopted Hiperos’ solution in an effort to improve the ABAC and FCPA compliance challenges.”
D’Anne Hurd, a recognized strategy and risk mitigation expert and Hiperos board member, commented, “Global supply chain risk remains one of the top ethics and compliance challenges for corporations. Boards should demand accountability and metric-based reporting from senior management on this complex, critical risk. Board members also need to become savvy as to what supply chain risks exist in their particular corporation. Directors and management would greatly benefit from appropriate systems that can dashboard the identification, assessment, mitigation, monitoring and auditing of third party risk.”
Hiperos simplifies the complexity of Third Party Management. Through its flagship SaaS (Software as a Service) solution, Hiperos 3PM™, Hiperos helps companies avoid a value shortfall and fully realize the benefits of using third parties to maximize the value and minimize the risk around brand reputation, achieve regulatory compliance and optimize the customer experience. Hiperos’ clients include many of the world’s leading companies such as Aetna, AON, Astra Zeneca, AXA, Bank of Montreal, CA Technologies, Charles Schwab, Huntington Bank, Mondelez, Microsoft, PNC Bank, State Street, Thomas & Betts, TD Bank, and United Technologies. For more information, visit http://www.hiperos.com.
Ignite Public Relations