Five lessons on reducing the risk of supplier scandals - Insight | Efficio UK

Insight

Five lessons on reducing the risk of supplier scandals

Words: David Mooney

Knowing the ins and outs of your supply chain is essential for any procurement professional. The larger it is, the more susceptible it is to risk and scandal.

However, as discussed in our article ‘Procurement risk & where to find it’, there are measures you can take to reduce a supplier-related scandal.

  1. Know who your supplier is: Ensure you know who is delivering the work, including any sub-contracted aspects.
     
  2. Take a risk-based approach: Focus initially on high-value, high-risk contracts. Be particularly vigilant when dealing with suppliers in high-risk countries.
     
  3. Keep it under review: Audit high-risk suppliers regularly and watch out for significant changes in their business.
     
  4. Put internal processes in place: Secure senior management backing for a clear anti-bribery and corruption policy.
     
  5. Stay up to speed: Make sure procurement teams and the wider business are aware of new threats, including the risks posed by GDPR.
To find out more, please contact David Mooney using the details below.