It is vitally important to ensure that chosen supply partners are trustworthy and that they will have the ability to deliver, as and when needed.
As such, the process of Supplier Risk Vetting is becoming an important task as part of company procurement procedures. Vetting a potential supplier can support a company to manage and mitigate any potential risks associated with an unsuited supplier, before appointment. These can include but are not limited to; conflict of interest, or fraudulent activity relating to vendors and employees, as well as tender collusion or irregularities.
MIE is the market leader in Supplier Vetting. Through our Supplier Risk Solutions, we provide clients with a thorough and diligent review of a prospective supplier or company prior to a hiring, investment decision or for ensuring that our client’s business associates are complying and adhering to legislation and corporate governance.
Such vetting provides an objective and independent external assurance on a prospective supplier's business systems and financial background. The review entails a number of tiers and verification checks, including:
Bank Account/Code Verification
Company World Check
To support in the identification and management of financial, regulatory and reputational risk, a database of Politically Exposed Persons (PEPs), Sanctions and heightened risk organisations is used around the world.
This check offers:
A deed search returns properties and the relevant details of each property registered to an individual and or an organisation.
The Company Credit Standing provides information about the business stability of a company by checking the following:
Treasury non-preferred supplier
B-BBEE Certificate Verification
ZoomOut™ links HR and procurement processes, resulting in an identification of potential conflicts of interest between individuals and companies. ZoomOut™ is an intelligent data engine that identifies potential conflicts of interest between suppliers and employees. This advanced tool assists in identifying adverse links in your procurement and employment processes, including potentially corrupt relationships within the organization’s supply chain. It is designed to minimize supply chain fraud and pinpoint associations between:
The ZoomOut™ system uses multiple data sources to gather and correlate information on your entity’s suppliers and employees. It then makes use of a complex rule engine to identify any links that may exist between these suppliers and employees.
The Directorship Register checks whether or not the individual has any business interests in companies registered with the Companies Intellectual Property Commission (CIPC).
ZoomOut™ establishes whether any judgement exist against a supplier and/or directors of a supplier.
Bank Account Verification
ZoomOut™ performs a bank account verification on suppliers and employees and well as determines if any supplier and employee bank accounts match.
Treasury Non-Preferred Supplier
ZoomOut™ determines whether a supplier and/or its directors are listed on the Treasury Non-Preferred List.
ZoomOut™ establishes if there is a link or have been any previous links between properties owned by suppliers and employees
ZoomOut™ offers access to a variety of triggers so that a notification is recorded if something significant changes with regards to suppliers and employees that are loaded onto ZoomOut™.
For more information, please visit https://zoomout.mie.co.za/