Some Rules Are NOT Meant To Be Broken
Thompson Reuters’ annual survey on compliance costs revealed an inflection point in the way firms are trying to manage regulatory risk. “It is no longer sufficient to simply throw more and more resources at risk and compliance,” the report noted. “Firms are now seeking targeted risk management outcomes by utilizing technology and specific value-add compliance skills.”
It’s getting more expensive to remain compliant, but getting caught is usually more expensive. SupplierGATEWAY can help check the financial background of a potential partner, cover criminal background reports and provide other compliance functions. Our solution helps cut costs by standardizing and automating the information pulled by a customer for compliance purposes because we’ve found that customers are often asking their suppliers for the same information.
That said, we recognize that few firms rely on superior compliance for profitability – there is little appetite for an expensive compliance process that doesn’t generate revenue.
Pragmatic Linkage – Because compliance is not revenue-generating, it should be complementary to other required systems and processes that are revenue-generating to generate maximum traction.
As COVID-19 is sweeping across the global economy and disrupting supply chains in all industries, watch this webinar to learn best practices to navigate a global crisis.