Shield Third Party Vendor Risk Management
It used to be that a supply chain was a simple, easily manageable group of long term relationships with number of small and medium suppliers. Today, however, the increasing rate of competition between companies and the impact of globalisation has changed the way that businesses operate and the modern supply chain is substantially different from what it once was. An organisation’s supply chain is now comprised of a spider web of vendors, suppliers, re-sellers, franchises and partners from across the globe.
This level of complexity makes it very difficult for multinational organisations to know their third parties, and companies that do not manage their third parties effectively run the risk of unwittingly associating professionally with entities that are involved in unsafe, illegal or non-compliant business practices. This exposes companies to the risk of regulatory scrutiny, substantial fines, and reputational damage.
ethiXbase Shield, has been built from the ground up to meet the most rigorous global compliance and regulatory standards for third party risk management. ethiXbase Shield offers a full platform to support effective third party management including supplier due diligence, ongoing monitoring, ethics communications, management reporting, risk event monitoring, policy attestation and provides a full audit trail to verify compliance to the regulator.
An Advanced System That Provides Comprehensive Third Party Vendor Screening
ethiXbase Shield comprises of three key components to ensure holistic third party management.