Leading the way in compliance technology and content interoperability
Compatibility for data sharing across technology platforms is an expectation for modern software solutions, and this is equally true in the compliance industry. Compliance technology providers should open their solutions to allow greater interoperability between clients and their vendors. This is our view at The Red Flag Group®, a customer-centric company that is striving to empower compliance teams with comprehensive risk intelligence data and solutions enabling better supply chain partner decisions.
Interoperability between platforms and content is common in our personal lives. Consider platforms like Apple TV, which once exclusively sold Apple content but which has now come to be a gateway to competing content from Netflix, Amazon Prime, Hulu and others. The interoperability provides huge value to the end user, simplifying to a single device but still allowing access to a wide variety of content. Of course, Apple content is prominently displayed on their own device, but this customer centric approach puts both Apple and third-party content in clients’ hands with a click of a remote. This makes perfect sense, and, as a customer-centric company, we wish to see the compliance market deliver in the same manner.
The providers of technology and data in the compliance industry are currently very vertically integrated, forcing clients down a single source path and limiting the availability of risk data from alternate providers. These artificial barriers are directly opposed to the flexibility that compliance teams require to effectively operate their compliance programmes. Compliance Officers must demand more from their vendors – they should expect open systems that enable the freedom to choose services and data products from many different providers while maintaining a seamless experience for the user.
In our view, this interoperability and the separation of platform and content is a natural development of our industry and now is the time to adapt to this flexible model that best supports you - our customers – and your right to choose. We at The Red Flag Group® have believed this for many years and have developed our new software platform specifically to meet this objective. We plan to drive this even further with the continued disconnection of platforms and content across our entire Firm and hope that others in the industry do the same. We call on all of our competitors in the market to consider interoperability and encourage customers to demand it.
Supplier Integrity® provides open interoperability
Our Supplier Integrity® system is a platform used by leading global companies to onboard and monitor the compliance of third parties and suppliers. Many companies use the platform to process information about a particular supplier, assess their risks, conduct screening and ultimately order due diligence. Supplier Integrity® is a pioneer in the industry in its ability to support multi-vendor content. While The Red Flag Group® owns and operates the Supplier Integrity® software, and also provides due diligence with its IntegraCheck® | Integrity Due diligence reports, the two are not connected in a way that forces Supplier Integrity® clients to exclusively purchase IntegraCheck® reports. Supplier Integrity® users have the flexibility to choose who they select as their due diligence content provider. The Supplier Integrity® system allows for a request to be sent to anyone designated by the client to perform follow up screening, due diligence or other research.
We believe this model is customer-centric and gives our clients control over their purchases without attempting to use the platform to lock them into proprietary content.
Expanding the interoperability even further in 2020 and beyond
Beyond the ability to order non-vendor specific due diligence through Supplier Integrity®, we hope to extend even further content choice to our clients. Currently, Supplier Integrity® provides screening through our own IntegraWatch® | Compliance Screening database; however, in future iterations, we will enable access to competitors’ screening databases alongside our own. This puts the decision in clients’ hands to choose the content most appropriate for their programme.
We are also keen to have our competitors’ due diligence ordering more tightly integrated, with Supplier Integrity® connecting directly with their order management systems. This would enable a client to seamlessly select the content they wish to procure and let the system handle all of the processing.
Unfortunately, many competitors are reluctant to move in the direction of interoperability of systems and data content. They feel that locking in a client with a strict vertical integration of only their own solutions and products is good business. This shortsightedness is not customer-centric, and not how The Red Flag Group® sees the future of compliance.
Our message to our competitors providing compliance technology and content: Clients would be far better off if we all provided some degree of interoperability across or platforms and content. Give customers the ability to select the due diligence products that are best for their business needs, on the platforms that supports their unique use cases. We encourage any competitor that would like to make their content available in our platforms, or offer our content through their platforms, to reach out at any time to discuss how to make that possible.
Our message to clients is just as simple: Supplier Integrity® is a content-independent solution for clients who want a choice when selecting the due diligence product to suit their needs. While we hope that you will consider our solution in IntegraCheck® | Integrity Due Diligence, we also will be happy that you use our system to engage with other providers. Whatever makes sense for you and your business is okay by us. That is what it means to be customer-centric. That is what it means to be The Red Flag Group®.