10 Jun 2013 | 08:41 am | 1 min. read
- 'Cerico' set to revolutionise global compliance, says Pinsent Masons
International law firm Pinsent Masons and Glasgow-based IT consultancy Campbell Nash have announced the launch of a groundbreaking joint venture aimed at reducing the risk compliance burden on businesses and their subcontractors.
The two organisations have developed 'Cerico', a technology-driven solution that will automate many of the compliance processes that businesses need to have in place as a result of legislation such as the Bribery Act and the Health and Safety at Work Act.
The technology, will enable businesses to ensure that their suppliers and service providers undergo a thorough and regular compliance due diligence process in a quick and cost effective way, and that risk assessments are conducted and monitored.
Users will also have access template compliance policies, procedures and training materials, and e-training products to ensure they adhere to standards of best practice. The system will also create monitoring reports and management information to 'red flag' significant legal risks for the client company and supplier.
Tom Stocker, an Partner at Pinsent Masons who worked on the development of the product and was recently was involved in one of the most significant civil settlements since the introduction of the Bribery Act, says:
"We are extremely pleased to have worked with Campbell Nash on developing a product which has the potential to revolutionise how sophisticated businesses handle legal risk with their suppliers. It is unusual for law firms to be involved in the launch these types of products but our clients are increasingly under legal and ethical obligations to ensure that they and their suppliers act implement effective risk management and compliance controls. Cerico's electronic platform will help them do that in a cost-efficient manner and we would expect to see more technology-driven solutions to legal challenges in future."
James Armstrong, the Director at Glasgow-based Campbell Nash, says:
"Cerico is a unique marriage between market-leading legal expertise and technological innovation which will help businesses around the globe minimise their legal risk. We have already seen a great deal of interest in the product, particularly in the energy market where global compliance can be a real headache. The mixture of myriad suppliers operating in challenging jurisdictions creates legal risk, and this product will help mitigate that."
Cerico is the second major innovation involving Pinsent Masons this year as the firm increasingly seeks to help its clients find new cost-efficient ways to meet business imperatives. Earlier in 2013 the firm launched Vario, a hub of freelance legal professionals available to help in house counsel meet periods of high demand on a contract basis.
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