2 in 5 vendors supply incorrect details, 10% have conflicting interests

| 0 Comments
House of Cards.jpgRESEARCH UPDATE   Do you understand the procurement risks of not vetting your employees and vendors properly? Here are a few figures to put it all in perspective, in this month’s SmartProcurement.

Since inception in March 2012 LexisNexis ProcureCheck has vetted more than 6 000 vendors for its clients. Of the 6 000 vendors, it was found that:

  • 40% of the details provided by the vendor did not match the registered details on the Companies and Intellectual Property Commission’s (CIPC) database.
  • 24% had members who were also directors of other active vendors.
  • 10% indicated a conflict of interest with an employee being a director of a registered vendor.

“It is an alarming statistic,” Rudi Kruger, General Manager of LexisNexis Risk Management, told SmartProcurement.

“A large percentage returned a possible conflict of interest that could prove detrimental when it comes to managing company reputation and financial risks.”

The figures were obtained after vetting employees against registered vendors; and vendors against registered company information.

Many South African-based companies need to comply with procurement regulations, and not screening vendors and employees properly can lead to financial penalties, theft, fraud and damage to company reputation.

Additionally any companies with offices in the United Kingdom (UK), or doing business with the UK also need to comply with UK legislation; making the need for proper procurement vetting ever more important.

LexisNexis ProcureCheck assists in identifying and mitigating procurement risk; by uncovering those conflicts of interest that may not be transparent during the procurement process.

For more information on ProcureCheck and other services email LexisNexis on contact@lnrm.co.za

Leave a comment


 

 

Career opportunites

Planner

  • <500 000 Gauteng Operations, Planning & Inventory Supply Chain
Are you looking for new career opportunities as

Procurement Specialist

  • >500 000 Gauteng Procurement Officer / Specialist Strategic Sourcing Supplier / Business Development
As a specialist Supply Chain recruiter, I am

Logistics Controller

  • <500 000 Gauteng Logistics & Warehousing Procurement Officer / Specialist
Seeking dynamic up and coming candidates looking for

Supply Chain Manager

  • >500 000 Permanent Procurement Management Supply Chain Western Cape
As a specialist Supply Chain recruiter, I am

Business Process Specialist

  • <500 000 Gauteng Procurement Consultant Procurement Officer / Specialist Supply Chain
A company within the financial services sector is

LOC Procurement Manager

  • Gauteng Permanent Procurement Management Procurement Officer / Specialist
Your Responsibilities: Job Purpose To be the interface ...More

Account Manager

  • >500 000 Procurement Officer / Specialist Supplier / Business Development Western Cape
Key Performance Areas:• To ensure that all aspects

Consultant

  • >500 000 Gauteng Procurement Consultant Strategic Sourcing Supply Chain
Key Performance Areas:• You'll be concerned primarily with

Commercial Buyer

  • <500 000 Buyer Contracts Procurement Officer / Specialist Western Cape
A well-known Mining company is seeking the services

Technical Buyer

  • <500 000 Buyer Contracts Procurement Officer / Specialist Western Cape
A well-known Mining company is seeking the services

Business Development Executive

  • >500 000 Gauteng Supplier / Business Development
A retail solutions company is seeking a New

Financial Manager

  • >500 000 Contract Operations, Planning & Inventory Procurement Management Western Cape
Looking for an unemployed CA (SA) in Cape

Chief Financial Officer

  • >500 000 Gauteng Operations, Planning & Inventory Procurement Management
An exciting opportunity exists for a CFO with

Procurement Consultant

  • >500 000 Gauteng Procurement Officer / Specialist Strategic Sourcing
Key Performance Areas: A profound knowledge of sourcing

Commodity Specialist: IT

  • >500 000 Commodities Gauteng Procurement Officer / Specialist
Key Performance Areas:• Effectively applies acquired technical/functional skills

Senior Consultant

  • >500 000 Gauteng Projects / Category Management Supplier / Business Development
Key Performance Areas:• Adheres to best practice processes

Logistics Manager

  • >500 000 Gauteng Logistics & Warehousing Operations, Planning & Inventory Procurement Management
Key Performance Areas:• Manage warehousing and distribution 3PL's

Head of Franchise Network

  • >500 000 Contracts Operations, Planning & Inventory Western Cape
The opportunity to work for a multinational retail

National Driver Manager

  • >500 000 Analyst Contracts Logistics & Warehousing Operations, Planning & Inventory Western Cape
The opportunity for an extraordinary individual to join

Commodity Specialist: Industries

  • >500 000 Commodities Gauteng Procurement Officer / Specialist
Key Performance Areas:• Under the guidance of the