From manual to automated, Ethixbase360 accelerated and simplified the entire third-party compliance and due diligence process for Sonova, a leading global medical device company.
At a glance
Headquartered in Switzerland, Sonova is one of the world’s largest manufacturers and suppliers of medical devices, specialising in innovative hearing care solutions, including hearing aids, cochlear implants, wireless communication products, digital solutions, and professional audiological care. Faced with increasing regulatory requirements and geopolitical risks, Sonova had insufficient resources to effectively manage and monitor the risks and regulations impacting its third-party relationships around the world.
To complete a simple due diligence process, Sonova relied on manual emails travelling between requesters, compliance, and third-parties – and it became increasingly difficult to manage. Crucial documents took too long to create and were often filed in different locations making them hard to track. It was apparent that Sonova needed an effective solution to manage its third-party risk, and one that was secure, flexible, and cost-effective.
Ethixbase360 worked with Sonova’s management team to devise a solution that transformed the company’s efficiency in due diligence processes and third-party risk management. The result was a customised solution that streamlines Sonova’s third-party risk management from start to finish – all while keeping information updated and organised whilst third-party risk is monitored on an ongoing basis.
Download our case study today to learn more about the third-party risk and due diligence solutions that are helping Sonova audit its third-party relationships as it grows, or alternatively reach out to us and arrange a demo to find out how we can help you and your business with your third-party due diligence programme.
“Ethixbase360 is taking responsibility of the administration for us. We are just coming to the table to make the decision.” – Gerald Hucky, Head of Group Compliance, Sonova