This year we launched a new product to support your supply chain risk management programmes. We call it Supplier Integrity® | Supplier Management Platform. It is an enterprise software platform that supports you to manage integrity and compliance risks in your supply chain.
Supplier Integrity® | Supplier Management Platform is a platform on which businesses, and their suppliers and vendors, collaborate to reduce risks and maximise the value of their relationship.
Collecting, validating, monitoring, and managing information about thousands of suppliers can be extremely complex. With many diverse functional groups involved in the process, such as procurement, legal, finance and operations, each interacting with the supplier separately, supplier information gets spread out across multiple systems, files and email chains.
Supplier Integrity® | Supplier Management Platform helps companies manage the process and in turn understand their suppliers to better manage any risks. This platform addresses the following issues during the lifecycle of suppliers:
Data collection and management
For better process management and to increase accountability we have created a centralised supplier information profile. This is viewable by all involved parties, from business sponsors, procurement, to the suppliers themselves.
In addition, through an API, any enterprise resource planning system (ERP) can also be connected to the Supplier Integrity® | Supplier Management Platform feeding in additional information in each supplier’s profile.
The platform provides a consistent and thorough audit trail to demonstrate the intention and effectiveness of your supply chain management programmes to customers, internal stakeholder and regulators.
Risk identification and remediation
Through the knowledge and experience gained working globally in compliance over the last decade, The Red Flag Group has developed a new risk identification methodology ranking suppliers against 30 risk areas.
The Supplier Integrity® | Supplier Management Platform then recommends the appropriate workflow to support a business’s effort to mitigate risk in each individual supplier. We call this functionality the Risk Analyser. It allows organisations to quickly identify areas for focus through an automated process. There is nothing else like it in the market.
Workflow tailored to your business
You partner with our Professional Services team to create a tailored workflow specific to your needs.
This workflow guides each user during the risk review process and throughout each supplier’s life cycle, including onboarding, renewal and ongoing monitoring. The workflow activities focus on the 30 risk areas and support the data collection, evaluation, approval and remediation processes needed to screen your suppliers.
Automated compliance screening
All supplier profiles are fully integrated with The Red Flag Group’s IntegraWatch® | Compliance Screening Database. Meaning relevant users will receive alerts when there is a change made on that suppliers’ profile or if a new profile for the supplier is created. Plugging IntegraWatch® | Compliance Screening Database directly into the workflow process allows users to make fast decisions and minimise risk.
Supplier Integrity® | Supplier Management Platform is a web-based solution. Customers can choose to host or The Red Flag Group can host the application. There are three portals:
- The Supplier Integrity Portal: Can be accessed by anyone inside the organisation to perform and review activities related to the workflow, identify risk issues, review IntegraWatch® | Compliance Screening results and request additional information from the supplier.
- The Supplier Portal: Can be accessed by suppliers to provide information for the risk review process, such as policy and procedure details.
- The Partner Portal: Can be accessed by different partners to execute activities that are assigned to them, such an independent auditor..
Many of our existing clients have identified the need for a platform like this and we are pleased to meet this need with Supplier Integrity® | Supplier Management Platform. 2017 will no doubt be an exciting year for this product as we begin to onboard clients and support their supply chain risk management programmes.
This is an extract from The Red Flag Group Annual Report 2016/17. To read the full report please click here
Additional sections of the Annual Report 2016/17 include:
- Our 10-year anniversary and The Red Flag Group in numbers
- The market outlook for 2017
- Product developments 16/17 - ComplianceDesktop® | Compliance Technology Platform
- Product developments 16/17 - IntegraCheck® | Integrity Due Diligence
- Product developments 16/17 - IntegraWatch® | Compliance Screening
- Product developments 16/17 - Compliance Managed Services
- Product developments 16/17 - Advisory Services