Like most organisations, you’re most likely managing the compliance standards of third-party contractors via manual processes. Whether you’re using spreadsheets, project management tools or even an archaic paper-based model, ensuring all contractors and suppliers remain compliant with your requirements as well as industry best practice can be a difficult… not to mention boring.
Now, any in-house compliance management solution faces a number of challenges. For instance, operationally the process is often allocated to admin staff within the organisation, who undoubtedly have a myriad of other responsibilities and may not have been given the appropriate training nor have the experience to ask the ‘why’ beyond a step by step framework. Often organisations have limited resources allocated for the ongoing development of the process and besides the lack of maintenance, compliance management frameworks are likely built with limited guidance from regulatory bodies or expert consultants.
As such, well intentioned, internally developed frameworks could contain several gaps, by not accounting for important details of the regulatory environment nor best practice when it comes to industry specific compliance requirements. With constantly changing laws and regulations, an internal framework can easily become obsolete and ineffective in mitigating risk.
Now, all of the aforementioned challenges have contributed to what we are seeing as a new trend that is steadily gaining momentum, where organisations are seeking compliance automation solutions with expert advisors to help them manage and support those programs.
Solving third party risk and compliance management, Conserve eliminates the need for organisations to manage these ‘tedious’ compliance processes in-house, and at the same time reducing admin costs and mitigating third-party compliance risks.
Conserve prides itself on helping businesses to achieve the highest standards compliance. It offers an enterprise grade technology platform, an industry best practice framework, as well as an independent contractor compliance validation service. For our clients, we help identify gaps in their current compliance management method, helping them achieve industry best practice. And, for their contractors, we help them promote their compliance status via the Conserve platform to all our clients, which makes it easier for them to find contractors that meet their compliance requirements.
I think it is important to point out that we at Conserve do not find contractor management tedious or boring at all. It’s our core business and we are in fact very good at it.
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