Supply chain transparency: the key to compliance and risk management

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Organisations can access SafeContractor’s network of over 37,000 approved contractors and verified suppliers ( iStock)

Alcumus SafeContractor is a Business Reporter client

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Antony Hanley, Senior VP of Supply Chain Compliance at Alcumus SafeContractor, sat down with Business Reporter to chat about something that’s become incredibly important in today’s business world: supply chain transparency and compliance.

As sustainability becomes a bigger focus and regulations get stricter, companies are feeling the heat to ensure their supply chains are both credible and compliant. But what does that really mean?

Supply chain transparency, explains Hanley, is all about knowing who’s in your supply chain and understanding the risks associated with each supplier. This involves assessing and auditing various standards, ranging from health and safety practices to sustainability efforts, environmental policies and ethical workforce practices. Surprisingly, many medium-to-large organisations don’t have a full grasp on their supply chain. Do you?

We asked Hanley why has this become such a hot topic recently? He identified two big reasons:

• The Covid-19 pandemic was a real eye-opener. It exposed just how vulnerable our supply chains can be and highlighted the need for better visibility and backup plans.
• There’s a wave of new legislation coming our way, pushing companies to enhance their transparency and compliance.

However, achieving supply chain visibility is a challenge. Many organisations struggle with a lack of in-house expertise, not having enough resources to assess suppliers thoroughly, and disparate data stored across various systems. Hanley emphasises that the consequences of inaction can be severe, leading to serious incidents, fatalities, reputational damage and financial losses.

Alcumus SafeContractor helps organisations understand compliance and non-compliance throughout their supply chain, from tier one suppliers and beyond. Their process involves an initial discovery meeting with various departments followed by a comprehensive audit of the supply chain. SafeContractor’s team of qualified experts assesses suppliers based on their roles, work categories and specific activities.

The audit process typically takes around 12 weeks, resulting in a clear picture of compliance levels and areas needing improvement. This allows organisations to focus their resources on addressing gaps and blind spots in their supply chain. However, from day one, organisations can access SafeContractor’s network of over 37,000 approved contractors and verified suppliers.

Hanley concludes with three key takeaways:

• Act now: with increasing legislation, doing nothing is not an option.
• Recognise the upside: improving supply chain transparency can lead to operational efficiencies and cost savings.
• Do it because it’s right: beyond regulatory compliance, organisations should prioritise transparency as an ethical imperative.

By partnering with SafeContractor, businesses can navigate the complexities of supply chain compliance, mitigate risks and build more resilient and transparent operations.

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