WHO IS ON YOUR TEAM
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Who is on your team is critical to a business's reputation and future success. A business depends on its suppliers and third party partners to deliver quality products and services. It is important to properly vet suppliers through investigating their work history, performance, and risk factors to avoid potential compliance, ethical, or reputational issues. Choosing suppliers with certified quality management helps ensure all partners meet the same standards and expectations through an independent audit process. This can be a cost-effective strategy to mitigate operational risks and shift some due diligence responsibilities while gaining confidence in a potential partner's management culture and controls.
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Risk & Advisory Services: Quarterly Risk Advisor Feb. 2016
Compliance risk management planning 2017-02-mattoon
Compliance risk management planning 2017-02-mattoon
Contract Management Benchmarking and the Role of Technology Executive Brief
Contract Management Benchmarking and the Role of Technology Executive Brief
Pharmacovigilance Smart Sourcing Strategy: Vendor Selection for Safety & Risk...
Pharmacovigilance Smart Sourcing Strategy: Vendor Selection for Safety & Risk...
Managing the Complexities of Governance, Risk & Compliance Requires
Managing the Complexities of Governance, Risk & Compliance Requires
WHO IS ON YOUR TEAM
- 1. WHO IS ON YOUR TEAM? These days, few businesses operate alone. Specialisation has been reinvented from the pre-industrial revolution days of honed craftsmanship and large scale operations requiring co-ordinated management skills means that third party suppliers are more than ever before the make up of a business operation. Business is not an isolated performance, its a team event. Your brand depends on the integrity and performance of third party suppliers. Your reputation will to a great extent be influenced by the company you keep. It is therefore critical to align with suppliers whose management system reflects the same diligence as your own system. Getting to know your suppliers means properly investigating previous work history, including on- time performance and on-budget production. Avoiding information gaps that may hide potential or critical compliance or ethical risks has been highlighted in recent headlines when participating in emerging markets. Failure to undertake comprehensive due diligence of supply chains may not only result in legal and financial repercussions for investors but the domino effect may also negatively affect the project management's brand value and reputation. These reputational costs may continue long after any particular contract has been finalised. Your performance of each contract includes judgement on the performance of each supplier and each employee and how you managed any unexpected event throughout the life of the contract. Your management skill becomes a piece of your overall history and will be judged in relevance for future contract opportunities. It is precisely because your team is a reflection of you that you need to input controls to protect your brand and your future. Often those controls are built into the tender process and require each hopeful tender company to address a risk assessment profile of their existing quality management system and historic involvement in similar contract criteria.
- 2. Quality Management is more than product quality and much more than a tick box system. Quality Management is the culture of management to perform well and implement an overall assessment of risk pertaining to the various chapters of business protocols and the subsequent management of a system of integrity for each, based on economic, political, legal and trade-related factors or industry best practices. Certified quality management such as ISO 9001 means that an independent third party has audited the system and verified that it meets a particular and well defined international standard. Securing your business from operational risks is a first priority for any management team. Losses of life, intellectual property, physical assets and reputation can have a devastating impact on a business and the people within the business. Apart from the financial and legal risks, integrity is a critical attribute and is gaining more and more significance as threats grow in number and complexity. Theft, dishonesty, fraud and corruption are well understood integrity risks but corporate malfeasance and unethical working conditions are rising challenges to be considered. Choosing a partner who has a certified quality management system may be a cost effective strategy that shifts some of the diligence process away from your budget whilst providing a level of confidence in the potential partner's management culture. This is particularly helpful in global participation where interpretation of quality and standards may differ. Having an independent audit review keeps everyone on the same page with the same expectations and the same audit standards. It indicates that the business has built-in controls to manage its operation to an acceptable standard of quality. It provides a reliability factor without the cost of in depth investigation.