Seven Best Practices to Reduce Risk in Your Supplier Onboarding Process
SummaryIn 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.
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.