Like most organisations, you’re most likely managing the compliance standards of the third-party contractors you hire via manual means. Whether you’re using spreadsheets, project management programs or a traditional filing system, ensuring that everyone on your books maintains industry best practice can be a challenge – to say the least!
In-house compliance management, often tasked to administrative staff, faces a number of specific challenges:
If an organisation develops its own compliance management framework, there will often be limited resources allocated for its ongoing development and maintenance. Besides the lack of maintenance, compliance management frameworks are often built with limited expert input from relevant third parties (such as regulatory bodies or independent consultants).
In addition, internally developed frameworks and assessment methods can contain hidden risks, not accounting for important details of the regulatory environment and contractor specific compliance requirements. With constantly-changing laws and regulations, it’s also easy for assessments – and the methods for doing so – to get out of date.
All of the aforementioned challenges have contributed to a new trend of organisations seeking compliance automation platforms and expert partners to help them manage those programs.
Solving third party risk and compliance management, iPRO circumnavigates the need for organisations to manage compliance assessment in-house – reducing administration costs and mitigating third-party compliance risks.
iPRO assists organisations to achieve best practice in third party compliance management. It offers an enterprise technology platform and independent contractor compliance verification service.
iPRO’s benefits are two-fold for businesses. For clients, iPRO helps identify gaps in their current contractor’s compliance management methods and to achieve industry best practice.
For contractors, iPRO helps them promote their compliance status via the platform which makes it easier for clients to find businesses that meet their compliance requirements..
Could your business benefit from a more efficient and safe way to verify the compliance of your third-party contractors? Click here to learn more about the iPRO platform.