Drive compliance and reduce the risks of non-compliant suppliers.
Could you be held liable for failures among your suppliers? In a word, yes. It's vital to make sure your suppliers are compliant with regulations and have their own risk assessment and mitigation measures in place. Major risks include:
Liability for serious harm
Non-compliant subcontractor risks
Changes to legislation
There can be wide-ranging consequences for dealing with non-compliant suppliers. Company directors are individually liable for breaches of compliance with regulations, as they have a duty to exercise reasonable diligence.
With Canopy, you can set compliance requirements across all departments
Canopy lets you assess various risks, such as Financial, Anti-bribery and Corruption, Data Security and Privacy, Modern Slavery, Health and Safety, Conflict of Interest, and more.
The platform also enables you to be specific about your compliance needs at a local level. So you can verify suppliers for the specific countries, categories, sites, and buildings where they work.
This ensures you know that your suppliers are compliant, their information is accurate and complete, and it stays that way while you work with them.
Ongoing Risk Monitoring
Supplier certifications, insurance, and sustainability credentials are hosted and managed centrally on the Vendor Master Record.
In-built automation ensures credentials are monitored continuously, providing an ongoing assessment of risk and compliance beyond the initial onboarding.
Instant Alerts & Notifications
If risk is elevated or compliance breached, notifications are triggered immediately and the supplier is suspended from availability.
The rules engine allows for suppliers to be risk-assessed based on screening criteria and category strategies.
The assessments help to determine risk exposure and the pathways to facilitate better mitigation and management.
Eliminating Non-compliant Trade
Integrating Canopy with your ERP enables rules to suspend new purchase orders for suppliers based on changes in their profile.
This can include factors such as falling non-compliant or exceeding a spend limit.
100% compliant trade is now achievable with Canopy.