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Pinsent Masons is to launch a new product capable of monitoring compliance across thousands of suppliers simultaneously and flagging up breaches.
The low-cost technology automatically performs due dilligence checks to ensure suppliers in mutiple jurisdictions are compliant with legislation such as the Bribery Act and the Health and Safety at Work Act.
The system will create monitoring reports and management information to red flag significant legal risks for the client company and supplier, signally any need for bolt-on products and solutions.
The system includes template compliance policies, procedures and training materials, and e-training products to ensure standards of best practice are adhered.
The product is a joint venture between Pinsent Masons and Glasgow-based techology company Campbell Nash.
Regulatory partner at Pinsent Masons Tom Stocker has been involved with significant civil settlements since the introduction of the Bribery Act and worked on the development of the product, called Cerico.
“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 to implement effective risk management and compliance controls” said Stocker.
“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.”
Campbell Nash director James Armstrong said Cerico is designed to mitigate the compliance risks faced by companies working with myriad suppliers in challenging jurisdictions.
“We’ve already seen a great deal of interest in the product, particularly in the energy market where global compliance can be a real headache,” he said.
Cerico follows Pinsent’s launch of a contract lawyer service for clients in the mould of Berwin Leighton Paisner (BLP) offering Lawyers on Demand and Eversheds’ Agile.
Vario, which launched earlier this year, is a hub of freelance lawyers who can be called on to help clients deal with spikes in activity or fill in gaps caused by staff absences (6 February 2013).