LafargeHolcim is a global leader in building materials and solutions with over 70,000 employees in around 70 countries. LafargeHolcim are active in four business segments: Cement, Aggregates, Ready-Mix Concrete and Solutions & Products. With leading positions in all regions of the world and a balanced portfolio between developing and mature markets, LafargeHolcim offers a broad range of high-quality building materials and solutions.
As part of a Third-Party Due Diligence tool evaluation, LafargeHolcim strived to widen the scope of due diligence conducted on its counterparties and required a tool which had the capabilities to develop workable solutions for the many risks involved in onboarding counterparties.
Global change creates new opportunities, but it also generates risks. Over time organizations must grapple with external changes that are outside of their control – from regulators, competitors, or emerging risks.
Procuring Symfact’s Third-Party Risk Management software enhanced with a company-wide risk-matrix formulated by Fulcrum Diligence, a specialist provider of due diligence services, LafargeHolcim was able to deploy an agile, innovative, and risk-based solution to conduct more thorough due diligence. Symfact were able to integrate a number of historically independent processes into a single one which increased efficiency immensely.
- Integrated sanctions screening with Dow Jones within the Third-Party Due Diligence process, including the function to continuously monitor at any given frequency.
- Various workflows for different types of Third Parties / transactions.
- Centralized control and storage of all third-party data
- A multilingual platform with external access for Third Parties to complete in their native languages
- Incorporated a complex approval matrix to accommodate the many different stakeholders