Supplier Compliance Management
Supplier or service provider compliance management involves implementing systematic procedures, including Know Your Customer (KYC) processes, to ensure that they meet legal, regulatory, and contractual obligations. It’s crucial that companies ensure their suppliers or service providers adhere to minimum legislative requirements and ethical standards to conduct business. Ultimately, robust screening procedures, incorporating KYC, is vital for maintaining ethical business practices and minimising potential legal and reputational risks.
Companies generally face quite a few stumbling blocks in terms of managing suppliers or service providers due to:
Capacity constraints as processing vendor applications and managing compliance documentation is done manually
Compliance documentation expires and is not actively maintained
Lack of knowledge of the minimum legislative criteria to which suppliers must conform
Accessibility to supplier data to determine compliance
Lack of understanding capacity and capability of suppliers
How can we help?
By adopting a proactive approach, our compliance management services go beyond once-off KYC checks. We continuously engage with suppliers or service providers to request new and updated compliance documentation, ensuring ongoing compliance. Our services entails managing a company’s suppliers or service providers from an outsourced perspective, providing comprehensive support in maintaining their compliance.
VCM, our unique supplier compliance management system, further offers a comprehensive approach to supplier compliance by providing:
Cloud-based supplier registration and onboarding portal with a built-in vetting
mechanism
Flagging mechanism to alert suppliers of expiring
or non-compliant
documentation
Compliance
reporting /
vetting reports
Automated classification
of suppliers in terms ownership and
locality for the purpose
of spend reporting
Technical Vendor Assessments to determine capability
and capacity
Compliance Documentation Is rigorously Vetted During Verification
Why us?
We ensure ongoing legal compliance by continuously engaging with suppliers or service providers to request new and updated compliance documentation.
Among the numerous supplier portals that currently exist, VCM provides a unique and holistic approach to compliance management from the point of onboarding, to vetting and actively managing suppliers’ compliance.
Our platform integrates data from various databases and sources to offer a comprehensive view of a supplier's compliance status.
Our dedicated helpdesk provides hands-on assistance to train suppliers on compliance requirements in South Africa.
VCM is POPI Act compliant
Our sources include:
- Companies and Intellectual Property Commission (CIPC)
- South African Revenue Service (SARS)
- Compensation Commissioners (Dept. of Labour / FEM / RMA)
- SANAS accredited B-BBEE Agencies
- Department of Home Affairs
- Various credit bureaus (XDS, Transunion, Experian etc.)
- Various watchlists & databases
- South African Fraud Prevention Service (SAFPS)
- South African Police Service (SAPS)
- South African Revenue Service (SARS)
- Compensation Commissioners (Dept. of Labour / FEM / RMA)
- SANAS accredited B-BBEE Agencies
- Department of Home Affairs
- Various credit bureaus (XDS, Transunion, Experian etc.)
- Various watchlists & databases
- South African Fraud Prevention Service (SAFPS)
- South African Police Service (SAPS)
Our vetting capabilities
South African Companies:
- Company registration documentation for all entities
- Tax compliance
- VAT number
- Bank account
- Trading address
- Letter of good standing for workmans compensation
- B-BBEE certificate or affidavit
- Director verifications
- Company credit checks
- Politically Exposed Person (PEPs)
- Technical vendor assessments
- Forensic investigations
Zimbabwean Companies:
- Company registration documentation
- Proof of address
- Tax compliance
- VAT number
- Letter of good standing for workers compensation
International vetting available on request.
What are the Benefits?
Focus on core activities while we handle the complexities of supplier compliance
Objective assessment provides a third-party perspective eliminates favouritism and sentiment around suppliers
Replaces the manual vendor application process
Minimises manual buyer intervention
Reduces reputational risk, fraud, corruption & unethical business practises
Full visibility on suppliers’ compliance statuses by combining results of various databases
Enables B-BBEE spend reporting
Allows companies to achieve preferential procurement targets
Provides local communities with access to opportunities
Actual bottom-line savings
Allows informed decision making