In an environment of increased regulations and demand for compliance, organizations are placing their suppliers under increasing scrutiny. Yet, managing supplier information is often near impossible given the the inability of organizations to easily tie supplier information to procure to pay. According to recent research from PayStream Advisors, supplier relationships are often strained due to poor processes resulting from the lack of automation in managing them. In the 2016 P2P for Indirect Spend Report, more than one third of respondents … More
Reducing the Cost of Physician Self-Referrals with Better Compliance: What SIM & CLM Offer Healthcare Providers in Managing Stark Law Physicians have been abiding by a code of ethics since antiquity. Next time you go to your doctor’s office look around and you may see the Hippocratic Oath hanging on a wall. Considered a rite of passage written by Hippocrates of Kos in the 5th century BCE, the oath requires a new physician to swear to uphold specific ethical standards. … More
Digitization, data, disruption, agility. Procurement is emerging more and more as the driving force behind organizational profitability in enterprises worldwide. From implementing process improvements to re-engineering supplier management structures, procurement has become a center of change because it has learned to adapt, embrace and accelerate with every new development in technology. But there’s always room for improvement. In my presentation with The Procurement Revolution called Six Disruptive Forces & their Impact on Procurement, I am going to be looking at some … More
We looked closely at the compelling reasons for adopting a cloud-based legal solution in Part 1, and ways to mitigate supplier risk in Part 2. In this third and final blog in the series, you’ll discover how other organizations have made cloud solutions integral to the way they do business. Proof of government compliance In the interest of full disclosure, I am the general counsel of Determine, a global provider of cloud-based contract lifecycle management, strategic sourcing, supplier management, and … More
In Part 1 of this series, we looked at some of the reasons every legal team needs to adopt cloud-based legal solutions. In Part 2, you’ll discover why you need to know exactly who your suppliers are and what they’re up to–and the risks they represent. What happens in Bangladesh matters in Arkansas A little more than three years ago, a shoddily constructed eight-story building located across the world in Bangladesh collapsed, killing more than 1,100 people and injuring at … More
Labor Day’s just a few weeks past and already we’re at full tilt with summer a distant speck in the rearview mirror. Back-to-school may also be a thing of the past for most of us, but here at Determine the learning – and sharing – never stops. Risk is a big theme this month –what it is, where it is and how to control it. As always, please feel free to contact us with any comments. Team Success email@example.com Save … More
Non-Compliance in Food Safety Is High Risk for Everyone: What SIM & CLM Offers Food Services Industry in the Context of Third-Party Risk Management Like many industries, the food service industry is challenged with having to adhere to regulatory compliance. However, unlike most industries, the impact of lack of compliance regarding quality and safety in the food supply chain is not only a business challenge that presents possible reputational damage, but can potentially pose a huge public health risk. Food … More
This article was first published in ACC Docket, September 2016. The cloud will make your legal team’s global operations more efficient. The cloud will also bring much-needed transparency to and increased collaboration with your company’s suppliers.
One idea that has not changed, nor will ever change for procurement, is the importance of managing cost. In fact, procurement’s raison d’être, headed by the Chief Procurement Officer or other procurement executive, is and always will be focused on controlling cost; but it increasingly requires the adaptability to adjust to the world around it.
How SIM & CLM can save millions of dollars: A Look at the Financial Industry As we continue the series on managing third-party risk—SIM-CLM, it is clear that every organization has a different take on what is most critical to understanding its value. For financial organizations, addressing third-party risk has partly translated into managing a complex workflow of regulations compliance and risk prescribed by regulatory agencies that have been dominating the landscape.
“Risk” Is in the Eye of the Beholder I am still amazed at how the conversation about a broad topic such as risk is dependent on the individual I am speaking with, and more often will just be focused on contract management.
Introduction to SIM & CLM: Why supplier risk isn’t just a Fortune 100 company issue. The responsibility for managing suppliers and supplier contracts has taken on a heightened level of interest and concern in recent years. Highly regulated industries including finance, healthcare and food services, are forced to re-evaluate how supplier information is collected and how contracts are managed. With fines that can be in the millions, the potential of being audited and penalized due to non-compliance is real.
Making your organization run efficiently requires that you are able to take a clear and honest look at your workflows as they were designed. With the right enterprise technology, you not only can do this, but can also easily collaborate and communicate the business process you intended for those workflows, while enabling self-service capabilities to meet the demands of a wide variety of users. In this regard, consider the number of various user types involved with contract management, where workflow … More
Thanks for joining our series of posts comparing how factors such as timing and cost are seen differently by finance, procurement and legal. Compliance and risk are no different. While procurement may see compliance and risk management as being a few rungs up their strategic maturity ladder, for finance — and legal, I might add — they are the bedrock of our existence in the organization. If a CFO isn’t focused on ensuring compliance and risk management, he or she … More
Determine scored No. 1 for out-of-the-box P2P functionality for projects* A recent article in the French procurement magazine, Décision Achat, suggests a closer analysis of the situation in the world market for Procure-to-Pay software companies, such as the one conducted by the global analyst firm—Gartner. Here are some facts brought to light by the Gartner analysis that should catch your attention: About the P2P market. The Procure-to-Pay market generates about $4 billion annually with a growth rate of more than … More