Risk and Compliance Strategy Drivers: Changing the Game in Financial Procurement
Understanding the challenge…
Today, risk to your institution can come from anywhere. Procurement processes, and the supplier relationships inherent in them, are no exception. In the past you could rely on internal controls to manage rogue spend, and on simple sourcing due diligence to identify potential supplier risk. However, it’s no longer sufficient to rely on risk measures focused primarily on evaluating supplier financial stability and collecting insurance certificates. New risk and compliance drivers such as OCC 2013-29, the Bribery Act of 2010, the Foreign Corrupt Practices Act, and the impact of supplier actions on brand reputation, have changed the game by dramatically expanding the risk profile of supplier relationships.
Download the whitepaper today and you will be able to:
- Realistically assess your own internal and external P2P risk management performance
- Define strategies and processes to identify and predict sources of risk
- Implement regulatory compliance plans
- Minimize the financial and reputational impact on your organization