Industries Served by 319 InSight

Oil & Gas

We have tailored our compliance applications to meet the unique requirements of global Oil & Gas organizations.  These businesses are subject to continual changes in anti-corruption law in the regions where they operate.  The industry has seen a high incidence of bribery of foreign officials, resulting in penalties in the hundreds of millions of dollars for prosecuted offenders.  Anti-corruption laws are becoming stronger, both in the United States and globally.  As a result, oil and gas businesses must implement compliance programs that are meticulously crafted to service their unique operational profiles.

3rd Party Due Diligence, Gifts & Hospitality Compliance, and Employee Certification by 319 InSight are key applications that should be implemented in Oil & Gas organizations to not only meet regulatory mandates, but also to provide flexibility in adapting to continual changes, reveal important insights into areas of potential risk, and deliver business intelligence to empower decision makers.

Metals & Mining

The USA Patriot Act, which amends the Bank Secrecy Act, was adopted to strengthen the prevention, detection, and prosecution efforts of international money laundering and the financing of terrorism.  These efforts include Anti-Money Laundering regulations that impact precious metals organizations, requiring the establishment of focused AML programs.  Organizations that choose to ignore AML regulations have suffered severe consequences.  Millions of dollars in fines and asset seizures have resulted from bad business, even if it was unintentional.

Companies that make a concerted effort to establish a thorough AML compliance program will benefit their business in ways they may not have considered.  The timeliness of capital flow is essential to maintaining suitable operating conditions as a precious metals business.  It is therefore a necessity to have advantageous line-of-credit and lending programs to compete.  In order to establish ethical banking and refining relationships, dealers in precious metals must demonstrate full cooperation with AML & KYC guidelines.

In addition, ensuring the legitimacy of your channel builds a sustainable business.  Notably, through demonstrating risk aversion with authorities, businesses can establish important communication lines with agencies to forge key relationships and strengthen their position within the industry.

Anti-Money Laundering, Employee Certification, and Large Scale Complex Surveys by 319 InSight should be deployed in Metals & Mining organizations to meet & exceed regulatory guidelines, reduce organizational risk & exposure, and identify channel strengths, weaknesses, opportunities, and threats.

Law / Legal Services

As the world becomes more open and digitally connected, intellectual property, copyright, trademark, and patent law are rising to the top of corporate priority lists.  Protecting valuable assets and fostering ingenuity are the business practices of today's leading organizations.  319 InSight can provide a better and more efficient way for corporations and/or their law partners to manage inventions, patents, brands, trademarks, and related contracts.  As businesses increase their focus in these areas and outgrow the limits of spreadsheets or a home-grown database, 319 InSight empowers active and collaborative engagement with all stakeholders involved through our flexible, scalable, and highly secure platform.

Custom Applications by 319 InSight can automate and centralize contract management, organize and secure inventory for intellectual property rights, support collaboration through enterprise portals, and close integration with other key enterprise systems.

Banking / Financial Services

Comprehensive KYC (Know Your Customer) policies are essential to any financial institution.  Federal regulators require that financial institutions such as banks perform due diligence in verifying the identities of potential clients and keep detailed records of the process used.  An inadequate or nonexistent KYC system can result in the company, as well as individual employees, being subject to civil and/or criminal penalties.  In the case that your institution conducts business with an offender, proof of ongoing due diligence can mitigate the degree of any civil or criminal charges levied against it.

319 InSight can help banks and other financial institutions develop their compliance departments to include the fundamental elements of a successful program – a diligent Customer Acceptance Policy; its Customer Identification Procedures; the Monitoring of Transactions; and Risk Management.  Using 319 InSight's Anti-Money Laundering, 3rd Party Due Diligence, and Employee Certification applications, banks and financial institutions can efficiently and securely perform compliance functions, including – collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP); name matching against lists of known parties (such as "politically exposed person" or PEP); determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft; creation of an expectation of a customer's transactional behavior; and monitoring of a customer's transactions against their expected behavior and recorded profile as well as that of the customer's peers.  A risk-based approach that will spot and notify financial institutions of any discrepancies or concerns regarding a potential customer is critical in today’s environment.

Industrial / Manufacturing

Industrial / Manufacturing organizations of all types face compliance challenges across the board.  The business partners you work with are just as important to your organization’s security and privacy posture as your employees.  Companies can no longer ignore the very real regulatory and reputational risks posed by suppliers, but many companies with extensive supply chains are struggling to develop effective programs.  Still, global events have brought intermediary due diligence and oversight to the top of the compliance agenda.  Under the FCPA, an organization or individual may be held liable for making a payment to a third party while knowing that all or a portion of the payment will go directly or indirectly to a foreign official.  According to US Department of Justice guidance issued on the FCPA, the term "knowing" includes conscious disregard, deliberate, ignorance and willful blindness.

To avoid being held liable for corrupt third-party payments, the US Department of Justice encourages companies "to exercise due diligence and to take all necessary precautions to ensure that they have formed a business relationship with reputable and qualified partners and representatives."  The level of scrutiny necessary for an organization to reach reasonable confidence that it is engaged in a normal, legitimate business transaction varies with corruption risk.  The level of corruption risk determines how much scrutiny is required to be able to defend before a judge or a prosecutor that the organization is confident it is dealing with a bona fide third party.   The higher the risk, the broader and deeper the third-party due diligence should be.

319 InSight has the platform and applications such as 3rd Party Due Diligence, Gifts & Hospitality Compliance, and Employee Certification to understand the universe of third parties and which ones should be subject to due diligence, assess the level of corruption risk associated with operational profiles, conduct risk-based anti-corruption due diligence, and manage the approval process while mitigating identified risk.

Medical / Pharmaceutical

Medical industry compliance programs are typically enacted to promote ethical, compliant and legal behavior while detecting and preventing fraud, waste, abuse and policy violations.  However, managing third party and global distributors remains the top challenge for medical industry compliance teams.  In addition, common business practices, if abused, can be construed as corrupt payments.  For example, excessive or inappropriate entertainment, paying for the travel of spouses, or inappropriate non business related travel could be a problem. In some cases, the offer of the inducement is unlawful, even if it is not accepted.  Giving, offering, requesting and receiving a bribe are all forms of corruption, even if made indirectly through a third party. Intangible benefits such as favors can be corruption if offered in exchange for other tangible or intangible benefits.

319 InSight's 3rd Party Due Diligence, Gifts & Hospitality Compliance, and Employee Certification  make compliance simple, flexible and fast through shorter due diligence cycle times, accurate data assembly and powerful reporting.  A low cost of ownership enables your compliance department to operate more efficiently and cost-effectively.