Companies partaking in global sourcing benefit from lower costs, but they also expose themselves to additional procurement risks that could significantly impact their brands and reputation.

Businesses of all sizes can feel the burn of neglected ethical procurement practices. Reputational risk is dynamic and can emanate from any player or activity within your supply chain. Merely assessing direct suppliers can leave one vulnerable.

When could your reputation be at risks: at ALL times

1. Good understanding of the cultural atmosphere of potential suppliers: ensure they support and comply with global standards such as https://lnkd.in/dmxS527
2. Pre-qualification and screenings of prospective suppliers: go one step further and ask key suppliers how they assess their own supplier base.
3. Continuous monitoring: routine follow ups and audits, to ensure selected suppliers remain compliant to ethical expected standards.

Reputation is your key asset, it defines who you are. As said by Warren Buffet “it takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”.

To find out more, our team of advisors is here to guide you!