Generic selectors
Exact matches only
Search in title
Search in content
Sign In

FAQ: What industries benefit the most from TYS?

Frequently Asked Question: What industries benefit the most from TYS?

Trust Your Supplier (TYS) is designed to support a wide range of industries, particularly mid-size to large enterprises managing complex supplier networks. Our expertise and innovative solution drive transformative business change in risk management and global compliance across various sectors.

Industries that benefit from TYS often deal with extensive supplier bases and require robust systems to ensure compliance, mitigate risks, and maintain transparency. TYS helps streamline supplier pre-qualification, monitor performance, and optimize supply chain efficiency, making it an invaluable asset for businesses aiming to enhance their supplier management processes and achieve global compliance.

 

#SupplierManagement #RiskManagement #GlobalCompliance #SupplyChain #Blockchain #Manufacturing #Healthcare #FinancialServices #Retail #Energy #Technology #Automotive #Pharmaceuticals #ConsumerGoods #EnterpriseSolutions #TYS #BusinessTransformation #SupplyChainEfficiency #Compliance

April Harrison FAQ 0 Comments

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

April Harrison Blog, FAQ, Risk & Compliance, Risk Management, Supplier Information Management 0 Comments , ,

FAQ: What is the Importance of Standardization?

Frequently Asked Question: What is the importance of standardization?

Standardization is crucial for streamlining processes, ensuring compliance, and reducing risks. At Trust Your Supplier (TYS), we have collaborated with buyer organizations across various industries to identify best practices and key questions that ensure supplier questionnaires comprehensively address compliance and risk perspectives. Our standardized questionnaires are designed to meet global, local, and industry-specific regulatory requirements.

These standardized questionnaires and workflows significantly reduce onboarding time by allowing suppliers to focus on unique questions without having to repeatedly address common ones. This approach enhances the overall supplier experience while reducing time, effort, and costs for both parties. Internally, organizations can operate more agilely, quickly onboarding the suppliers they need to meet their goals and deadlines.

Watch this short video to learn more. https://trustyoursupplier.com/resources/cycle-time/ 

April Harrison Blog, FAQ, Risk Management, Supplier Information Management 0 Comments , ,

FAQ: Why Supplier Management?

Frequently Asked Question: Why did Trust Your Supplier choose to tackle supplier management?

At Trust Your Supplier (TYS), we identified a significant gap in the reliability and efficiency of supplier data management. In today’s rapidly evolving supply chain landscape, traditional methods for discovering, onboarding, and monitoring suppliers are struggling to keep pace with the constant flow of changing information and increasing regulatory demands.

The “supplier” is a fundamental element of every supply chain, and globalization necessitates rigorous vetting and risk assessment across multiple areas to ensure trust, transparency, and compliance with global regulations. The pandemic highlighted the vulnerabilities of over-reliance on a limited number of suppliers, leading to disruptions, higher costs, and inefficiencies. It also underscored the growing importance of supplier diversity and the need for suppliers to demonstrate ESG (Environmental, Social, and Governance) and sustainability initiatives.

We believe that a blockchain-powered solution like Trust Your Supplier is essential for modernizing and securing supplier management. By harnessing blockchain technology, we aim to provide a robust platform that addresses these challenges, ensuring more reliable, transparent, and efficient supplier management for the future.

April Harrison Blog, FAQ, Risk Management, Supplier Information Management 0 Comments

FAQ: Why Blockchain?

Frequently Asked Question: Why did Trust Your Supplier choose blockchain technology for our platform?

Trust Your Supplier (TYS) chose blockchain technology because of its unparalleled ability to ensure data integrity, security, transparency, and auditability. Blockchain enables secure and efficient data exchange between stakeholders, enhancing compliance and decision-making processes.

Blockchain also enhances auditability by maintaining a tamper-proof record of all transactions and interactions. Every change and update is recorded in a chronological, unchangeable ledger, making it easy to trace the history and origin of data. This comprehensive audit trail simplifies compliance with regulatory requirements and facilitates internal and external audits.

In essence, blockchain technology empowers TYS to deliver a robust, reliable, and innovative solution for supplier and risk management, helping businesses achieve greater efficiency, confidence, and accountability in their supplier management operations.

April Harrison Blockchain, Blog, FAQ 0 Comments ,
MENU