Supplier Compliance Management

The increasing rapidity of change in the global regulatory and compliance landscape, heightened competition and today's sophisticated and socially conscious customers, puts pressure on organizations to implement a proficient supplier compliance program. Supplier compliance management plays a primary role in the internal control process, and enables organizations to achieve compliance with its overall internal corporate standards, with regulatory requirements, as well as industry frameworks such as ISO 14001, C-TPAT, FDA, TSCA and other evolving social and environmental laws.

Organizations need to design a cohesive compliance strategy with a strict focus on supplier contracts and SLA compliance. Adopting advanced technology will also enable organizations to automate and centralize supplier compliance management.

Effective audits and assessment of suppliers for a whole array of sustainability, performance related, and product quality related requirements are imperative to achieve successful compliance.

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MetricStream Supplier Compliance Management Software Solution

MetricStream Supplier Compliance Management Solution maps the organization's policies, procedures and objectives with international, federal and state laws and guidelines.

The solution is equipped with advanced capabilities to conduct third-party impact assessments, Conflict of Interest surveys and self-assessments. Organizations can also plan and manage compliance awareness campaigns in addition to conducting audits and inspections. The solution also provides adapters to easily integrate with 3rd party tickers and information providers like D&B to import suppliers' credit ratings, country risk ratings, identify denied parties list - and trigger alerts and initiate remediation action accordingly.

A key benefit is that data and document management is simplified with a central repository that can be used to store and manage all compliance-related documents such as policies, manuals, standard operating procedures (SOPs), compliance assessment certifications and approvals.

Built on MetricStream's GRC platform, it helps address the inefficiencies in the program, through an integrated approach. The solution provides end-to-end functionality for ensuring supplier compliance. Its configurable methodologies and algorithms help organizations evaluate and analyze various supplier risks, and also helps establish a set of controls to mitigate the key risks.

Benefits

  • Tracks changes in the supplier regulatory landscape by integrating regulatory alerts and updates from reliable external sources
  • Provides a single, centralized framework to manage a diverse range of supplier compliance and regulatory requirements
  • Facilitates a federated, integrated and collaborative approach to supplier compliance management across the enterprise
  • Stores all supplier policies, procedures, risks, compliance controls, audits, issues, and corrective actions with seamless association among different components in a common, easily searchable database
  • Strengthens the agility of the compliance program by mapping supplier compliance policies to the relevant regulatory requirements in a one-to-one and one-to-many manner
  • Provides a centralized view of the organization’s supplier compliance program, and delivers real-time compliance intelligence to support decision-making
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