WHAT IS PROCUREMENT COMPLIANCE?
Procurement Compliance is simply adopting a set of standards and ensuring they are met. Effective Procurement Compliance means ongoing cost savings, improved supplier management, treatment tracking and closure, contract compliance, integrated risk management, and greater accountability between you and your third parties.
THE PROCUREMENT COMPLIANCE CHALLENGE
Ensuring efficient Procurement Compliance measures is not a one size fits all problem. Procurement Compliance functions must evolve quickly as external factors like government, legal, supply chain, and economic change. To further complicate Procurement Compliance, it must be integrated into and across services lines and skills to ensure accountability. The typical challenges facing Procurement Compliance include:
LACK OF SKILLED PROCUREMENT COMPLIANCE RESOURCES
LACK OF CLEAR ACCOUNTABILITY ACROSS THE BUSINESS
LACK OF VISIBILITY ACROSS THE WHOLE ONBOARDING PROCESS
GROWING LEGISLATIVE REGULATIONS
LACK OF AUTOMATION OF THE PROCESS AND REPORTING
CUT COSTS AND CREATE VALUE WITH COMPLIANCE
Organisations are facing tougher competition, increasing regulations, and robust risk management is essential for all organisations. Implementing and managing this can be challenging and costly. The ideal solution supports easy implementation that provides and demonstrates savings through efficiencies, including:
- Track and trace each stage of the onboarding process.
- Be audit-ready at any time.
- Maintaining existing staff complements.
THE PHINITY AND AUTOPILOT PROCUREMENT COMPLIANCE SOLUTION
Phinity and Autopilot can transform your Procurement Department through innovation and automation. While our solution will bring continuous improvement and will unlock new value from your third-party relationships, Autopilot supports integration with additional solutions - such as payments, tasks, and onboarding.
STEP 1: IDENTIFY
Before leveraging automation to mature your Procurement Compliance process, identify and collect all relevant data needed. This 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, and embed automated onboarding processes with Phinity and Autopilot’s easy-to-use configurations.
STEP 3: ASSESS
Use digital onboarding processes, and complete 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 third parties’ compliance in real-time. Confirm compliance processes are being followed. Track each level of compliance per the supplier, calculate risk, and customise the reporting to meet your needs.
STEP 5: REMEDIATE
Assign and track the compliance failure identification to remediation — then report on the progress of your remediation efforts.
WHY CHOOSE PHINITY?
Streamlined and transparent procurement, compliance, and risk management on one complete solution. Collaborate with your third parties in a modern and efficient way that makes business sense. Integrating Phinity and Autopilot into your business has many benefits: