Your organisation isn’t alone if the following compliance management approach is fostered in-house.
Documents – such as insurances and licences – are supplied by a contractor. The documents supplied are verified by administrative staff. Information from these documents, such as expiry dates, are entered into a spreadsheet. Copies of the documents are filed for future reference.
Does this method sound familiar? Unfortunately, this antiquated approach poses significant risk and cost to your organisation.
When you rely upon a manual method of third-party compliance verification, using the likes of spreadsheets and traditional filing systems, the risk of human error is high. Documents expire frequently, requiring constant renewal. Contractor information needs to be regularly updated and filed … The complexity of managing this can become overwhelming.
Unless your organisation has a very small number of contractors, it’s almost impossible to effectively manage and track their compliance requirements without something slipping through the cracks. This, along with the administrative burden manual methods represent, amounts to an expensive process when all of the true costs are considered.
The core risk of managing the compliance verification of third-party contractors manually is a lack of real-time visibility of compliance across your organisation’s contractor network. By their nature, spreadsheet-based systems are less transparent and don’t lend themselves to automation. This significantly reduces the risk of human error.
How can your organisation avoid compliance risks slipping through the cracks?
The challenges of managing compliance in-house has lead to organisations seeking software systems and compliance automation platforms. Not only does a program like iPRO identify gaps in an organisation’s current contractor compliance management method, they also allow organisations to achieve best practice in third party compliance management.
Are you ready to say goodbye to manual methods of compliance management and hello to a life without spreadsheets? Request a free assessment of your current practices by contacting us today.