Uncover hidden risks in your supply chain. Manage all the unseen parts of your operation – from vendors to processes – so you can stay compliant and build a more robust, more resilient supply chain with NAVEX One solutions.
Address the ongoing risks in your supply chain to protect your organization
Ensure your suppliers have fair labor practices in place and prioritize sustainable business practices
Disclosure information at the ready to promote supply chain transparency and build trust
Imagine your supply chain as a global relay race, with partners handing off goods across continents. Compliance is like the baton – everyone needs to hold it tight and follow the rules. Supply chain compliance software helps ensure your company and third-party partners stay on the right track, meeting legal and industry standards, and is a key element of a broader enterprise compliance program.
Navigating the terrain of supply chain compliance can leave you with a lot of questions, such as:
Challenges of global supply chain compliance management
Navigating compliance challenges within supply chain regulations demands a strategic approach.
Consistent third-party onboarding and monitoring
Third-party risk is your risk – ensuring your partners are vetted and onboarded consistently and have ongoing monitoring in place helps keep your risk in check and holds your partners accountable, but it doesn’t happen overnight.
Establishing transparency throughout the supply chain
Failure to foster transparency within your supply chain could result in legal ramifications, tarnished brand reputation and stakeholder dissatisfaction.
Elevating documentation practices
Insufficient documentation practices may lead to compliance breaches, impeding your ability to meet regulatory requirements. This could result in policies not being followed and regulatory fallout.
Feeling overwhelmed by keeping your supply chain compliant? We’ve got you covered with resources to help you stay up to date on regulations, and create and sustain resilient supply chains.
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How your organization manages supply chain compliance is fundamental to legally, ethically and sustainably running a business. How?
Key steps to managing global supply chain compliance
Start your journey toward streamlining your global supply chain compliance with these simple steps. From educating stakeholders to implementing robust monitoring systems, we’ll help you navigate the complexities of compliance seamlessly.
Educate stakeholders on global supply chain compliance
Kickstarting global supply chain compliance requires an extensive educational initiative aimed at all stakeholders involved. Training for relevant stakeholders should include steps to properly vet and onboard third parties and suppliers, and steps for ongoing monitoring.
Develop comprehensive global supply chain compliance policies
The bedrock of compliance is establishing thorough and meticulously documented policies for global supply chain compliance. These policies should delineate responsibilities and procedures throughout the supply chain lifecycle, from initial sourcing to final disposal. It’s essential to provide clear guidance on the handling, storing, and transmitting of sensitive information by global regulations.
Regularly assess and monitor global supply chain safeguards
Maintaining compliance demands ongoing assessment and monitoring of safeguards within the global supply chain. Conducting routine audits, risk assessments, and internal reviews is vital to pinpoint any vulnerabilities or deficiencies in supply chain compliance measures. This continual evaluation ensures proactive identification and resolution of compliance issues.
Effectively manage partners with access to the global supply chain
Given the reliance on diverse third-party entities in the global supply chain, rigorous management of these partnerships is paramount. Implementing stringent controls to prevent unauthorized access or mishandling of sensitive information is essential to safeguard the integrity of the global supply chain.
Implement a global compliance system
Companies should deploy a robust compliance system to monitor, track, and forecast potential risks within the global supply chain. A comprehensive system that provides a unified view of all compliance efforts facilitates proactive risk management and ensures regulatory adherence across all facets of the worldwide supply chain, including an intake method for reports about third-party misconduct or ethical issues.
NAVEX One ensures your organization and employees stay compliant with global supply chain requirements.
Easily identify third parties that share your vision and safeguard your most valuable partnerships with NAVEX One.
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Educate and engage your people with online training that speaks in their language, to their experiences.
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Centrally manage your entire policy and procedure lifecycle.
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Ensure regulatory compliance, engage your people and build trust in your reputation with NAVEX reporting and whistleblowing solutions.
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Quick to launch, quick to deliver – NAVEX IRM out-of-the-box is your express route to mastering vendor risk management.
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Mastering operational risks with NAVEX IRM means business as usual, uninterrupted.
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Compliance in the supply chain refers to the adherence to laws, regulations, standards, and ethical practices throughout the entire supply chain process.
Common challenges include ensuring product safety, labor standards compliance, environmental regulations adherence, managing international trade regulations, data privacy and security concerns, and maintaining transparency across complex global supply networks.
Compliance in the supply chain refers to adhering to regulations, standards, and best practices throughout the entire supply chain process, from sourcing raw materials to delivering the final product to the end consumer. Other supply chain laws include the California Transparency in Supply Chains Act and CSDDD.
Ethical conduct and compliance help mitigate risks such as reputational damage, legal penalties, and supply chain disruptions. They also foster stakeholder trust, enhance brand reputation, and contribute to sustainable business practices.
Supplier compliance ensures that partners adhere to agreed-upon standards, reducing the risk of product defects, ethical violations, and legal liabilities. It promotes quality, reliability, and moral consistency throughout the supply chain.
Ethical standards in supply chain management encompass principles such as fair labor practices, environmental sustainability, respect for human rights, anti-corruption measures, and transparent communication.