WHAT IS PROCUREMENT COMPLIANCE?
Sustainable and transparent commercial relationships are of strategic importance to every organisation. This means ensuring you have established a procurement compliance process that focuses on ethical and legal requirements within your Third-Party Risk Management (TPRM) framework.
Effective procurement compliance ensures ongoing cost savings, improved supplier management, treatment tracking and closure, contract compliance, integrated risk management, and greater accountability between you and your suppliers.
CHALLENGES FACING PROCUREMENT COMPLIANCE
The typical challenges facing procurement compliance include:
Lack of automation of the process and reporting
Lack of quantitative analysis
Lack of visibility across the onboarding process
Growing legislative regulations
Lack of clear accountability across the business
Lack of skilled compliance resources
5 STEPS TO AUTOMATE YOUR PROCUREMENT COMPLIANCE
STEP 1: IDENTIFY
Identify and collect all relevant data needed. Data may include compliance standards, regulatory requirements, risk and supplier policies, third party processes and required workflows, key stakeholders from AML, privacy, compliance, information technology, finance, etc.
STEP 2: DIGITISE
Design your register, upload available data, imbed onboarding processes with automated assessments using Phinity’s predefined or custom assessments to measure your suppliers’ level of compliance and risk.
STEP 3: ASSESS
Perform inherent risk profiling of all suppliers to calculate every supplier’s risk and workflow based on supplier type, service and risk rating. Based on responses, calculate residual risk and compliance levels to ensure an acceptable level before onboarding. Automate workflows, follow-ups, and tracking to streamline the risk assessment process.
STEP 4: REPORT
Track the progress of all your assessments in real-time. Confirm compliance processes are being followed. Track each level of compliance per supplier, calculate risk and customise the reporting to meet your needs.
STEP 5: REMEDIATE
Assign and track the compliance failure from identification to remediation—report on the progress of your remediation efforts.
THE RESULTS – INFORMED SUPPLIER DECISIONS
Achieve transparent and detailed compliance and risk management, and analysis with a centralised document repository accessible for key stakeholders at all levels. Management and staff can collect, analyse, and transform data to create rock-solid audit trails.
WHY CHOOSE PHINITY?
Integrating Phinity procurement compliance into your business has many benefits