Vendor Compliance – A Unique Solution Aims to Eliminate Risk for Businesses
by Dwight, via www.californiaceo.net
Vendor Compliance
Irivng, California – Mark Jackson-Knaggs, Founder and Global Managing Director, iPro Solutions discussed his work in mitigating risk for businesses that work with vendors, while at the same time helping those vendors achieve compliance.
Mark Jackson-Knaggs, Founder and Global Managing Director of iPro Solutions sat down with California CEO Magazine to discuss his efforts to create a better software-based risk management solution for companies that work extensively with vendors, suppliers and other contractors. He explained that there are many situations where companies have reason to worry about potential litigation and major financial losses due to poor quality not completely under their control.
“One of the biggest issues that they face is that they don’t have any visibility on whether these vendors meet their particular requirements.” Jackson-Knaggs said. “And we see that the solution we provide offers that solution.”
Jackson-Knaggs first became involved with risk management solutions during his time working in the property development industry. He explained that there were many times where third party venders would share information that was glossed over and set aside.
“There was never any ongoing monitoring of whether the vendors or suppliers were meeting our needs and whether they had adequate insurance, whether they had a license, about their OHS.” Jackson-Knaggs said.
Jackson-Knaggs said that these inadequacies led a group of close colleagues to come together to create a software-based solution in what became the foundation for iPro Solutions. Unlike other companies in its niche, iPro Solutions engages in a business practice called “live monitoring.” Unlike many risk management solution companies that offer one time guidance, iPro Solutions operates with a long-time advisory mindset throughout the entire contract period.
“One of things we do is tap into government and third party databases to be able to develop these people’s licenses, insurances, accreditations and things like that,” Jackson-Knaggs said.
Jackson-Knaggs explained that once risk management guidelines are set up on a first bid that they are maintained as additional bids come into play. The software used is designed to avoid the redundancy that often occurs when handling multiple bids from outside sources. A centralized database is used to input information from third party vendors that is used to create comprehensive risk management plans that are shared with clients to facilitate agreements in a true business to business environment.
“From a vendor perspective, it represents great opportunity for them to gain new business because what they can do is make their details available to other clients they don’t work for.” Jackson-Knaggs said.
Click here to read the full article and watch the 20 minute interview of Mark Jackson-Knaggs by California CEO Magazine.