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Monitor your procurement process and eliminate corruption
PROCUREMENT HAS CHANGED. SO SHOULD YOUR COMPLIANCE SYSTEM
How to find the right procurement management system?
Many organisations find selecting a procurement management system a daunting task. But this doesn’t have to be the case. To go back to basics, the fundamental function of all procurement systems is to mitigate the risk of a business not complying with legislation, regulations and correct internal policies. Procurement systems must therefore implement rigorous vetting processes and supplier management controls to meet compliance and audit requirements while still being adaptable and user-friendly.
Ideally the system should:
Be flexible and scalable, adapting to changes over time
Be guided by technologies which allow for automated and responsive data analysis
Address key focus areas such as supplier vetting, monitoring of vendors and employees, process and database management, and regular reporting
Offer insight into business risks in order to prevent the financial losses and reputable risks associated with fraud and corruption
Ensure compliance with anti-bribery and anti-corruption legislation