Back Office Word of the Week 11/4/19
In business, Compliance is defined as the confirmation that a provider of a service or a manufacturer or supplier of goods, adheres to all the requirements, regulations, legislation and specific standards of a contract.
Ongoing maintenance and tracking of expiring certificates, licenses, permits and contracts is necessary to ensure compliance. Manual tracking of such documents and expirations leaves businesses prone to a lapse in compliance. Such a lapse exposes businesses to untold costs in liability.
Implementing a solution such as ICG’s Vendor Onboarding portal is a great way to assure your vendors are in compliance with your requirements from the start. Ongoing maintenance is provided in the cloud hosted Onboarding portal by automatically tracking and notifying vendors and internal contacts in your organization of approaching expirations. Our solution provides our clients peace of mind that their Vendor Master Data is up to date and eliminates any risk of liability.