Further to last week’s blog post on changes to the Chain of Responsibility law (effective in August), this week we examine in more detail how iPRO can help you adjust to the new changes and ensure your organisation – and third-party contractors – are maintaining best practice risk management.
The main theme of the new CoR law is to encourage organisations to formalise and strengthen practices using recognised risk management approaches. Any risk management system should be set up according to the principles outlined in International Risk Management Standard IS0 31000.
For most organisations, the difference between a new risk management system and their existing practices is documentation. Records-keeping is the foundation of risk management because it’s evidence of your practices. Rules of thumb, verbal conversations and silently accepted standards must become formal records, policies and protocols.
When it comes to records, most organisations will instinctively reach for a form or a spreadsheet, but these approaches are cumbersome, time-consuming and subject to error. Implementing an automated software system like iPRO can take out the element of human error and put repetitive tasks, like performing pre-qualification tasks and verifying documentation, on autopilot.
Under new CoR laws, organisations can be held responsible for breaches by other parties in the supply chain. So, it’s best to try to share information and communicate effectively with the other parties your organisation may deal with.
A compliance technology system like iPRO helps make it possible to collect, organise, analyse and share large amounts of data while maintaining appropriate security measures. This approach “shares the load” of the resources required for the system, while adding value to the system for each party involved.
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 works with clients to significantly reduce third party risk and compliance management costs across their organisation.