Excellent logistics and supply chain management are now seen to be a vital part of most of any firm’s competitive advantage. On the other hand, poor performance in logistics can be the undoing of an otherwise successful company. Any experienced procurement manager will tell you that impeccable attention to detail and the ability to plan for contingencies is an absolute must, this includes performing the due diligence required before purchasing and implementing new technologies, investing in new facilities, or partnering with or acquiring other entities as a measure to improve your supply chain. Without including due diligence as part of a good risk management strategy, the consequences could be disastrous.
Supply chain management is often the largest cost operation with purchasing, inventory, transport, warehousing, and technology to effectively manage the complex supply chain entity. Identifying risks that may hide in your supply chain is not an easy undertaking especially if you have numerous suppliers located in different parts of the world. The last thing you want is a large number of potential hits with no structure to follow up with due diligence. This is where KYC Portal comes in.
KYC Portal allows organisations of any size or type to rapidly collate all information relating to entities and applicants being assessed. All in a single, centralised, secure repository with fully customisable parameters, fields, rules, user rights and collaborative practices.
Without sufficient information on your suppliers, the smooth operation of your business could be affected. This is why it is important to know if they engage in unethical practices, if their reputation could damage your own, or if they could hurt your financial standing. Background checks will help you increase your control over any given link in the supply chain. However, screening is only one part of the due diligence process and is often erroneously seen as the whole process. Some practitioners are led to believe that checking names against a watchlist is all the due diligence that they need to do and that the process is completed when this screening has finished.
KYCP integrates seamlessly
with any screening service provider of your choice, in order to have the system check against multiple sources, even based on rules for automation purposes. This is how the automation processes
of KYC Portal help companies in reducing costs and risk exposure
. KYC Portal also allows you to hook up the ongoing monitoring on a regular basis on the subjects of choice so you will instantly be flagged if one of your suppliers or related key principles suddenly become high risk.
KYC Portal also handles the ongoing automation
of reviews, document expiry alerts and face-to-face
verification interviews. By having a good relationship with suppliers
, you can ensure transparency in all your supply chain dealings which helps to reduce and eliminate risks. By using the KYCP plugin, the Customer Outreach Tool
(COT), you can give your suppliers direct access to input all their key principles, fill out any questionnaires you require, and upload all requested documents. KYCP also calculates risk in real-time
based on the data that the customer is inputting. This will instantly refresh the questionnaires and documents that you request based on enhanced due diligence
procedures. Once done, the customer would be able to submit the entire application, instantly transferring all the data to your KYC Portal with all the details finalised and uploaded with the risk instantly calculated.
If you would like to gain a competitive advantage
in the marketplace and maximize your customer value by streamlining your supply chain management
, whilst reducing your risk exposure, then get in touch with us today, either by email
or schedule your demo
with one of our representatives.
#supplychainmanagement #supplychain #supplieronboarding #duediligence #automation #B2B #kycportal