Supplier and Vendor Vetting

Mar 13, 2018

Industry News

Sharing is caring

supplier vetting

Vetting is a valuable tool and should apply to all potential suppliers and/or vendors with whom an organisation does business and can easily be outsourced to consulting service providers.

This screening and monitoring process is to ensure that they meet the guidelines of vendor risk management.

Critical areas requiring verification for Vendor Vetting are:

  • Is the vendor qualified to do the job?
  • Does the vendor have the insurance necessary should there be a problem?
  • Does the vendor belong to an industry-specific governing body?

As part of Uphando’s vetting process we perform the following approach (although our services are not limited to the below):

  • Check the legitimacy of the company (registration with CIPC)
  • Verify that the company is VAT registered with SARS
  • Verify the directors of the company
  • Verify all entities the directors are involved in
  • Verify the status of each director and Properties Owned
  • Verify Banking on File
  • Verify Trade on File
  • Verify any Court Record related to the Company
  • Verify any Notorial bond or other Suretyship recorded

Research has proven that stringent internal controls, checks and balances have yielded better results than whistle-blowing.

Where procurement is concerned, companies are advised to deal only with screened and approved vendors as this process is able to identify possible links between vendors and employees and flag possible collusion opportunities.

#SupplierAndVendorVetting
#Uphando
#SettingTheStandards


Sharing is caring