Business partner compliance of the internationally operating manufacturer of firefighting vehicles
Magirus: Innovation based on tradition
Magirus offers a comprehensive range of products for firefighting and disaster control. The range includes fire engines, turntable ladders and special vehicles, ladders, pumps, and other components and systems. This is complemented by the appropriate equipment as well as customer service and after-sales services. Founded in 1864 and headquartered in Ulm, the company generates sales of over EUR 300 million and employs around 1,400 people at four locations in Germany, Italy, Austria, and France. The company is represented in more than 70 countries worldwide. Its main customers include local authorities and public administrations, airports, and industrial companies.
The challenge: Ensuring integrity in the global distribution network
A large number of business partners in the global sales network and the associated business partner due diligence processes pose a complex challenge for Magirus’ compliance department. Following the carve-out from the Iveco Group, the business partner review process at Magirus was completely revamped in collaboration with the new owner, Mutares.
Since the tools used for comprehensive business partner verification are a major factor in terms of efficiency, speed, and accuracy, the potential for complete process digitization at Magirus was very high. This step toward digitizing business partner compliance was ultimately achieved successfully in collaboration with PROXORA.
Fast implementation, reliable business partner verification
The Third Party Risk Management module of the PROXORA platform enables efficient and comprehensive business partner due diligence. The integrated standard process of the IT tool was adapted to the specific needs and processes of Magirus within a very short time. It was particularly important for Magirus to supplement the standard questionnaire with the topic of export control, not least to ensure compliance with the Dual-Use Regulation and other export control requirements.
Focused meetings, clear communication, and a very good understanding of the business partner process on the customer side helped to ensure the rapid implementation of the project. Since the solution also fully met all requirements for an easily implementable process, it was possible to go live smoothly and quickly.
We are delighted that Magirus, a well-known, long-established company in the field of fire protection technology, was able to use our solution virtually “out-of-the-box” and thus map its entire process!
Digital and user-friendly compliance
Users of the system from the sales, network, and compliance departments can now efficiently check Magirus many business partners in a paperless and audit-proof manner. The risk-based approach ensures a significant increase in efficiency and thus leads to considerable time savings in the review and approval of high-risk partners by Magirus’ compliance department and management. Thanks to its multilingualism in German/English and its high user-friendliness, the tool has been very well received across the board.
The integration of the World Compliance Database from LexisNexis Risk Solutions also enables real-time comparison with global sanctions lists. In addition, Integrity Monitoring keeps Magirus constantly informed about negative reports and any relationships between business partners and politically exposed persons. This adds further value and strengthens Magirus’ reputation as a safe and reliable manufacturer of firefighting vehicles on the market.
This is Third Party Risk Management
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