Vendor Compliance Management
Vendor compliance management has become increasingly intertwined. Today’s organizations are not only accountable for their own actions, but for the actions of the various vendors that provide services on their behalf. As more and more activities are outsourced to third parties, the stakes grow higher and higher
An ecosystem of third-party vendors provides important strategic business advantages. But at the same time, it also exposes you to unpredictable and substantial risk. As your Third Party Risk Manager, we lower your exposure to fiscal, operational, and regulatory risk and make sure the risks are identified ahead of time, and you are protected against costly regulatory enforcement actions and civil monetary penalties.
- 1. Vendor Compliance Audits - We physically verify the compliance documents to assess the status of vendors main contractors or sub-contractors offering services like Security, Housekeeping, Maintenance, IT, Transport, Gardening, Cafeteria, etc.
- 2. Monthly Vendor Audits - A monthly verification of each vendor is done to ensure high degree of compliance and reporting the status. In case of repeated non-compliance we would escalate and recommend the actions required.
- 3. Vendor Compliance - We take care of various central laws applicable like PF, ESI, Gratuity, Bonus, etc. for which the compliance is important in addition to the state laws as applicable.
- 4. Compliance Agent - Our personnel visits the client's office/ sites and coordinates with various vendors for the compliance adhered line of work. He would be SPOC and assist you to ensure smooth flow of operations and submit reports to you summarizing the labour law compliance done.
- 5. Labour Acts - We represent our clients at labour inspections and assist in registration and renewal of licenses of sites under the Contract Labour Act.