Seven Best Practices to Reduce Risk in Your Supplier Onboarding Process

Summary

In my last post, we discussed the development of a roadmap for your internal controls program. Now we’ll drill down to the Supplier Onboarding Process within the Procure-to-Pay (P2P) process.

Content

Leading organizations recognize the importance of comprehensive supplier qualification processes but struggle to communicate qualification requirements to potential suppliers, and have difficulties creating a baseline for evaluating supplier risk levels.  Ardent Partners reports that 51% of the respondents in “The CPO’s Top Goals for Investing in Technology” survey report improving compliance as a goal.  The Hackett Group includes customizing supplier onboarding, identifying fraud and addressing internal policy non-compliance as the best practice tactics for a world class P2P organization.