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|Articles - February 2014|
|Wednesday, January 22, 2014|
BY JESSICA RIDGWAY
A promising merger. In 2012 Riverside Company, a private equity firm based in Cleveland, purchased EthicsPoint, a Lake Oswego ethics-reporting business, and merged the company with three similar enterprises: ELT, Global Compliance and PolicyTech. Keeping the businesses headquartered in Oregon, the new entity rebranded as NAVEX Global. The firm now ranks as one of Oregon’s largest software companies, providing clients with governance, risk and compliance solutions. These include hotline reporting, automated policy management and third-party risk management. In plain English, NAVEX Global helps companies protect their brands, monitor employee behavior and ensure compliance with government regulations. Says Shanti Atkins, president and chief strategy officer of NAVEX Global: “We help protect people, reputations and bottom lines.”
Reputation management. The company’s growth is fueled in part by changes in the way companies do business. According to Interbrand, a global branding consultant, 95% of an average company’s worth was tied up in physical assets in 1970. Today 75% of the average company’s worth is intangible. That’s where NAVEX comes in — the firm provides solutions that enables companies to protect those assets. “We’re seeing more and more boards and C-level executives identify the need to protect the intangible asset of their reputation through our solutions and products,” Atkins says. She cites as an example the 2010 British Petroleum oil spill, where BP was excoriated for an explosion that actually occurred aboard a third-party contractor, Deepwater Horizon. With products like NAVEX’s new third-party risk management staffing solution, a company can organize its supply chain and ensure the suppliers follow a certain code of conduct, mitigating risks for the contracting organization.
Profiting as one. A powerhouse in the governance, risk and compliance (GRC) industry, NAVEX serves more than 8,500 clients representing 40 million employees worldwide. Clients range from small, private businesses to Fortune 500 companies, and the firm employs 449 people worldwide, 169 in Oregon. This past year, the company opened an office in London to better serve its clientele in the European Union, the Middle East, Africa and Asia. In 2013 NAVEX earned annual revenues of approximately $100 million and aims to double that in a few years.
A prosperous future. Riverside Company will sell NAVEX Global “when it makes the most sense,” Atkins says. In the meantime, NAVEX Global plans to acquire more companies that align with its vision. The company also hopes to profit by “cross-selling” its software to current clients, a growing number of which view ethics and compliance programs as a core business practice. “We are in an era where we are migrating from thinking about ethics and compliance programs and departments as a cost center, but central to business value,” says Atkins. An expanding company taps into an expanding market: It’s a time-honored strategy NAVEX hopes will yield big dividends.
Clarification: This article has been altered to reflect the following clarifications. Riverside did not rebrand NAVEX Global; the leadership of the newly formed entity rebranded as NAVEX Global. NAVEX Global does not act as "a kind of security guard;" instead, the company's software enables companies to protect their tangible and intangible assets.
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Oregon Sick Leave is here, and changes to the federal white-collar worker regulations are on the way. This workshop will prepare you for both. We invite you to participate in an interactive discussion on how to start planning now for the future impact on your operations and finances.
Presented by OEN + CENTRL + YESpdx.
This Roundtable will cover numerous issues under the employer "shared responsibility" rules of the Affordable Care Act, including how to track the "full-time" status of variable-hour employees, temporary or seasonal employees, and employees who experience a change in status or a break in service. Additionally, we will provide a brief overview of Code sections 6055 and 6056, which require most mid-sized and large employers to submit their first information reports to the IRS in early 2016 regarding the health insurance coverage being offered to employees. We invite you to participate in an interactive discussion on how to prepare for the future impact of the shared responsibility rules on your operations and finances.