Middle East and Europe expansion is the next move for a South African-created conflict of interest app.
Developed in an attempt to stop fraud, Association Matrix is the product of six South African engineers at specialist credit bureau Inoxico.
The risk management application enables businesses and governmental departments to spot and check risk possibilities within supply chains.
Following market establishment in South Africa, with the main interest of large manufacturing and financial services entities, government departments and state-owned companies, the group now seeks to expand to further areas.
Investigations in prospective markets in the Middle East and Europe are underway to provide solutions in covering vulnerability in correspondence with the emerging legislation such as the UK Bribery Act and the US Foreign Corrupt Practices Act.
The software package app, launched in the second semester of 2012, assists companies in navigation with the new Companies Act and King III corporate governance rules which lawfully emphasises the necessity of identification efforts to prevent conflict of interest.
Export potential for the offering of jurisdictions motivated by stricter government law has boosted the growth of the app, according to Engineering News Online.
Already publically available, a more extensive sector roll out with a mission to supply forensic information for procurement-related corruption is also underway, André Stürmer, chief executive officer, at Inoxico revealed on Tuesday, February 26.
Users have access to real-time visibility of senior executive and supplier relationships, indicating the risk areas for fraud and corruption.
The Director Singularity Index feature also displays the directorship connection held by an individual director.
Stürmer referenced statistics indicating the legal and compliance vulnerabilities of the leading 20 companies listed on the Johannesburg Stock Exchange (JSE) because of an average of 14 directorship holdings.
There are cases where a single individual is involved with 86 different boards, described by Stürmer as “staggering”.
Core data is sourced from a variety of sources, including public organisations such as the Intellectual Property Commission and the Deeds Office, as well as private sources. The data is then enhanced and processed with the ultimate objective of generating insights which lead to superior decision making in the client environment.
