The golden rule is, know your suppliers. As everyday commerce moves from local to international suppliers, advanced due diligence before you start working with anyone is a must. Then constant feedback and assessment of suppliers must be built into contract management.
Suppliers should act as an extension of your business and be treated as such. Make sure suppliers sign up to the same standards as your company and consider setting up a whistle-blowing hotline, where members throughout the chain can report incidents, including those of bribery and corruption.
Where incidents are reported, make sure they’re acted upon. Ultimately, keeping tight processes in place will protect your reputation and the reputations of those around you.
Paul Huck is director, Zolfo Cooper’s Forensic and Litigation Support Services.
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