Supplier Compliance

Shares 0

Businesses constantly adapt to market pressures. Consequently corporations change their models — from markets sold to, regions sourced from, and everything in between. This new landscape has exposed issues with business practices often ignored or unknown, resulting in a steady stream of new government-mandated or internally-driven compliance initiatives. Organizations are experiencing new challenges and pressures to adapt to the various compliance requirements, given their current information systems.

With the HICX Supplier Compliance modules you can:

  • Support compliance programs throughout the organization
  • Involve internal, external, and third parties within an initiative
  • Ensure that all proper processes and approvals are adhered to
  • Receive timely updates on program compliance
  • Quickly report on all compliance aspects, whether information gathered, scoring metrics, program success, or audit control.

Information Availability

Business processes such as regulatory reporting, order entry, accounting, production, stores and point-of-sale (POS), inventory, and purchasing are traditionally managed by several software systems. Yet many unnecessary administrative and procedural costs and delays are often associated with this practice. Examples include duplicate data entry, data corruption, increased training, complicated supplier relations, greater IT support, and software incompatibilities. Compliance oversight and reporting often cannot succeed without an ability to quickly overcome the time-consuming task of navigating the internal landscape.

You should be concerned with:

  • Having supplier information reside on multiple internal systems
  • Not having the information needed on suppliers
  • Inability to monitor and report quickly on compliance and program effectiveness

One of the fundamental challenges is that ERP and related systems were not designed to be flexible – and by some estimates cost mid-to-large companies as much as $10 to $15 million per year in lost opportunities (source: IDC Group).. Yet the vast array of supplier information needs and rapid changes in information required for compliance remains, leaving organizations unable to operate efficiently. The availability of information matters.

Processes and Controls

The complexity of today’s global company can be daunting. Defining, let alone automating, processes can consume IT department investment and time. Highly flexible yet powerful tools are necessary to account for dynamic workflows, the incorporation of corporate, regional, or local needs, business unit and/or business location needs, differing roles, responsibilities, and escalation procedures.

You should be concerned with:

  • Difficulty modeling your environment’s workflows, roles, and responsibilities
  • Lack of automated escalations
  • Lack of visibility

An old rule of thumb is, “If you want to be a bad manager, don’t escalate any issues to your boss. If you want to be a good manager, escalate issues appropriately.” Not escalating issues opens the door to significant risk and cost. Over-escalating, or escalating without the proper information behind it, causes inefficiency. Proper compliance management requires proper escalation.

Time To Comply

As compliance needs change, so too must systems – and the capabilities they support. Companies must be able to publish new initiatives in days or weeks, not months or longer. Regardless of the complexity of the need or organization, simple-to-use tools are required so that stakeholders can add data elements, build surveys, design graphical workflows, and create reports.

You should be concerned with:

  • The time it takes to roll out new compliance programs
  • Recreating processes and surveys whenever new compliance needs arise, versus leveraging ready-built templates based on existing industry experience

With each new regulation and compliance need, it is certain that someone will have ultimate ownership of understanding the requirements, measuring the impact upon the organization, and overseeing implementation. There is benefit, however, in being able to leverage the knowledge and processes of others. This counts most when it comes to speed and effectiveness, improving and insuring time to comply.

Solution

HICX helps organizations address these issues. Our Supplier Compliance solution helps clients overcome compliance information collection, notification, and reporting in such vital areas as:

  • All Industries

    • Foreign Corrupt Practices Act
    • Business Continuity Planning
    • California Security Breach Information Act
    • Corporate Social Responsibility
    • Small Business Self-Certification Collection
    • Anti-Bribery Act
  • Food & Beverage

    • Hazard Analysis & Critical Control Points
    • FDA compliance (21 CFR Part 11, Part 210-211, Part 820/QSR, Part 606, ICH Q7A ISO 22000) ~ “food safety”
  • Financial Services

    • Banking Secrecy Act, Anti-Money Laundering
    • Gramm-Leach-Bliley Act
    • “Know your customer”
  • Life Sciences

    • PSCI, Pharmaceutical Industry Principles for Responsible Supply Chain Management
    • Physician Payment Sunshine Act
  • Manufacturing

    • Restriction of Hazardous Substances
    • Registration, Evaluation, Authorization, and Restriction of Chemicals
    • Factory Audit
    • Health Safety Security Environment
    • Hazard Analysis & Critical Control Points
Shares 0

or

Explore our solutions

The answer to all of your third party and supplier management problems.

Learn More

Try for yourself

Give our sales team a call +1 (312) 948-0391 (US) or +44 (0) 203 325 4244 (UK)

Live Demo

© Copyright 2017 HICX Solutions. All rights reserved.