Manufacturing has become increasingly complex as companies leverage suppliers, vendors, contract manufacturers, distributors, agents, freight forwarders and resellers globally. Today’s headlines show what happens when risks aren’t managed correctly: supply chain disruption, data breaches, regulatory fines, reputational damage and so on. But it’s nearly impossible to effectively reduce your exposure to these risks if you don’t clearly understand whom you’re doing business with and the nature of the relationship.
Opus’s solutions enable manufacturers to identify all of their third parties, understand what business they’re doing with them and automatically manage them in accordance with the risks that they pose –efficiently, cost effectively and without stretching the bandwidth of already-burdened IT and procurement departments.
We help you:
Address Manufacturing’s global third-party risk and compliance challenges with our award winning solution: Hiperos 3PM™
Reliance on third parties to help meet contractual obligations and consumer demand is necessary – but comes with risks:
- Global bribery and corruption. Pressure to expand to emerging markets brings new anti-bribery and corruption risks. Coordinated, multi-jurisdictional anti-corruption enforcement actions involving the DOJ, SEC and a growing number of international counterparts continue to increase.
- Data breaches. The new European Union Global Data Protection Regulation (GDPR) requires much stricter data privacy controls from organizations that handle or process the personal data of EU citizens. Fines for non-compliance are costly – up to 4% of annual global turnover or €20 million (whichever is greater).
- Reputational damage. Manufacturing success depends on bringing quality products to market more quickly than the competition. Managing operational risk in your supply chain is critical to that success. Whether the risks involve business continuity, product quality, environmental protection or fair labor practices, third parties can jeopardize your success if not managed correctly.
- Financial instability. Companies focusing business on a single supplier of a vital item or service are highly dependent on their suppliers’ financial viability and will suffer significant business disruption if the supplier goes out of business.
- Fragmented data, processes and technologies. Managing third parties manually with spreadsheets is time-consuming, inconsistent, error-prone and makes third party data difficult to access and maintain when it’s scattered across systems and local drives.
With Hiperos 3PM™ you can:
Create a single, accurate view of your third parties across multiple data sources
Collect third party data across your enterprise and answer the most important question first: who I am doing business with? Accurately identify all your third parties - then manage, assess and monitor them.
Understand your third party relationships and automatically manage and monitor them in accordance with their risks
Take a risk-based approach to your third parties and intermediaries - applying appropriate due diligence and risk assessment. We'll help you tailor your approach based on your organization's risk tolerance and model - and can even complete assessments for you.
Improve efficiency, effectiveness and reduce silos
Through automated technology, manufacturing can reduce inefficiencies and duplicative efforts. Continuously assess, monitor and manage third parties from onboarding through risk determination, compliance requirements and performance, across even the largest manufacturing organizations.