FAQ: How do questionnaires play a role in supplier compliance & risk management?

Frequently Asked Question: How do questionnaires play a role in supplier compliance & risk management?

Questionnaires are a vital component of supplier compliance and risk management. At Trust Your Supplier (TYS), we leverage a range of questionnaire features to ensure comprehensive and efficient supplier evaluations. Here’s how our questionnaires contribute to effective supplier management:

1. Standardized: TYS collaborates with a consortium of major buying organizations to develop and maintain standardized questionnaires applicable across various industries. These questionnaires are regularly updated to reflect new requirements and regulations, reducing the number of questions suppliers need to answer while ensuring thorough compliance checks.
2. Custom: Recognizing that organizations may have unique regional and global risk management needs, TYS offers custom questionnaires. These cater to specific regulatory requirements that may not be covered by standardized questionnaires, providing tailored solutions for unique compliance challenges.
3. Questionnaire Groups: TYS allows the creation of questionnaire groups, which can combine multiple questionnaires based on common requirements such as location, product, service, or other features. This grouping simplifies the process for suppliers and ensures that all relevant compliance aspects are covered efficiently.
4. Automated: The TYS approvals workflow can be customized and automated for each questionnaire. Each supplier answer is scored based on your internal risk thresholds. Any response that doesn’t align with the preferred score is automatically flagged for further review by the appropriate team. This automation allows your team to focus on critical issues rather than reviewing every answer, enhancing efficiency and effectiveness.
5. Predictive: TYS enables buyer teams to create rules that predict which questionnaires should be assigned to a particular supplier. This feature is invaluable as new compliance regulations and laws emerge globally, allowing organizations to reach more suppliers without extensive manual outreach. During onboarding, suppliers can be easily assigned to the appropriate questionnaire group, ensuring relevant risk assessments are conducted seamlessly.
6. Internal Due Diligence: Internal Due Diligence checklists are customized by your team and used to manage tasks such as procurement reviews or additional onboarding steps outside of TYS. These internal questionnaires help teams stay synchronized and ensure all necessary internal checks are completed.

By incorporating these features, TYS ensures that questionnaires play a pivotal role in managing supplier compliance and risk. They provide a structured, efficient, and comprehensive approach to evaluating and monitoring suppliers, helping organizations maintain high standards of trust, transparency, and regulatory compliance.

Learn more about how TYS’s questionnaire features can enhance your supplier compliance and risk management with these resources:

TYS Questionnaire Features Infographic 

The “Q” Word blog post