For enterprise organizations, globalization adds complexity with a need to assess suppliers across a broad spectrum of subject areas to ensure compliance with both global regulations and regional operating requirements. Local regulations and laws require procurement organizations to take into consideration any specific needs, often complicating the process of engagement or risk management.
How do you ensure suppliers are compliant and operating responsibly no matter where they are in the world?
Trust Your Supplier is a “Glocal” solution that allows procurement organizations to manage multiple, complex risk areas efficiently while establishing relationships with suppliers anywhere in the world. Here’s how…
- Standardized Questionnaires – TYS is guided by a Governance Board of Fortune 500 companies that provided input to our standardized compliance questionnaires. By collaborating across and within industries, these questionnaires were built to support global, local and industry requirements while reducing the number of overall questions suppliers are required to complete.
- Custom Questionnaires – Organizations may have unique regional and global requirements for risk management. TYS offers custom questionnaires to support any regulatory requirements that may not be covered with a standardized questionnaire.
- Questionnaire Groups – Buyers can select any combination of questionnaires to form a Questionnaire group. These groups can be based on common requirements for location, product or service, or other features. During the onboarding process, suppliers can easily be assigned into the appropriate Questionnaire Group, simplifying the process and ensuring the relevant questionnaires are required for that supplier. This strategy targets segments of suppliers for customized risk assessments appropriate for that segment.
- Integrated Risk Data – TYS partners with industry-leading third-party validators that offer a variety of risk data on companies from around the world. This information is integrated into supplier profiles for an enriched view of each supplier.
This flexible, standardized approach, combined with integrated third-party risk data, provides procurement organizations with a 360° view of their suppliers no matter where they are located in the world.