Gerard Smith, PresidentToday, the business environments are evolving at a rapid pace to keep up with changing compliance requirements and global expansion. In such a scenario, the foremost concern for organizations is to understand the multifaceted nature of their risks and the dangers associated with supplier relationships. “It is essential for companies to have complete knowledge of the background and financial stability of the suppliers they conduct business with, to avoid any monetary or reputational harm,” remarks Gerard Smith, President, Global Risk Management Solutions (GRMS). While there are several supplier management solutions in the market, most solutions employ a searchable database, which reflects self-reported information collected months ago as opposed to real time third party verified data. What renders GRMS unique is their innovative supplier screening solution that consistently and impartially applies a company’s screening criteria to existing or potential suppliers on a global basis. “Most importantly, GRMS is a compliance management service that is powered by technology. We are not a technology company trying to provide compliance services,” states Smith.
Delivering a unique value proposition, GRMS is the only company that provides a customizable global supplier screening and management program in over 120 countries. The screening program is implemented at no cost to a company, with only the suppliers having to pay a nominal fee. Although many organizations collect documents such as an insurance certificate or W-9 tax form from suppliers, the GRMS screening program is far more extensive in its scope. “GRMS is a service that not only collects information from a supplier but also verifies and manages it which can significantly reduce risk and save your company the administrative costs and resources involved in conducting screening internally,” explains Smith.
As more and more U.S. companies conduct business globally, they are challenged with international supplier screening and exposed to increasing scrutiny and enforcement actions related to The Foreign Corrupt Practices Act (FCPA).
GRMS is a service that not only collects information from a supplier but also verifies and manages it which can significantly reduce risk and save your company the administrative costs involved in conducting screening internally
To ensure that a client has complete information about their foreign business partners, GRMS offers GlobalShield™, a screening solution that performs a background check on suppliers based outside the U.S. Similarly, to facilitate domestic screening, the company offers SupplierShield™ for daily insurance certificate tracking, financial stability and assistance with regulatory compliance including the USA Patriot Act (OFAC). “Implementation is easy. GRMS scrubs the client’s contact file and reaches out to the suppliers to enroll in the program on behalf of the client,” says Smith. In addition, since each client’s needs differ from the other, GRMS tailors and prices their program based on a client’s unique requirements. Owing to GRMS’ years of experience, state-of-the-art proprietary programs, and global capabilities, the company has garnered a diverse range of clients spread across varied industries including facility management, construction, retail, manufacturing, and energy.
Following a customer centric approach, GRMS is improving their entire screening process by shortening the enrollment time and addressing the limitations in reporting and output. “We want to better our services not only for our clients, but also suppliers,” says Smith. The company is complementing this move by building on their technology infrastructure and warehousing systems. “By coupling our unique screening process with powerful advancements, GRMS will deliver unmatched compliance service and risk management solutions for years to come,” concludes Smith.