Need for greater transparency in compliance, procurement has never been more important


In a country plagued by high-profile corruption cases and fraudulent tenders, companies now have an obligation to ensure that their operations are completely ethical. This is often easier said than done and the consequences of failure can be disastrous, as evidenced by the damaging testimony of the State Capture Commission. To create a culture of honesty and transparency, companies now have no choice but to implement a comprehensive verification process to ensure complete transparency and honesty in their dealings.

LexisNexis offers a simple and convenient digital procurement solution for the entire supplier management lifecycle, including Lexis ProcureCheck, Lexis Onboard and the WorldCompliance add-on.

“With the current state of the nation and the lack of checks and balances in many cases, a company that does not have a broad view of its network is playing a dangerous game,” said Videsha Proothveerajh, CEO and President of the LexisNexis South Africa Board of Directors.

“Our procurement solutions toolkit is comprehensive, reliable and simplifies the verification process, enabling customers to manage their supplier relationships with confidence and compliance from start to finish. It is an essential toolkit to protect against damage to reputation and finances.

The first of two seamlessly integrated modules, Lexis OnBoard facilitates paperless onboarding of new suppliers and automated data management, from registration and procurement to risk, due diligence and contracting.

This fully electronic one-stop-shop hosts vendor documentation and allows vendors to integrate with the corporate procurement system using a simple link and unique code for self-registration and downloading supplier documentation.

Through a standardized set of qualifying questions and required documents, vendors are fully onboarded and vetted with an appropriate level of due diligence before being used by the business. Customers are notified in advance of any impending expiry dates for documents, such as B-BBEE and tax clearance certificates.

Lexis ProcureCheck can then be used to expose hidden risks and conflicts of interest within corporate ownership and association, thereby protecting the organization’s reputation for integrity and competence.

The tool is designed specifically for procurement, compliance and forensic audit services in today’s South African market. This technology leverages an advanced database matrix to conduct multi-layered employee and supplier surveys in your human resources and procurement environments.

With a simple yet powerful user interface, Lexis ProcureCheck cross-references the business interests and ownership of individuals within your organization and with your suppliers, quickly identifying any connection that may pose a financial or reputational risk to your business. You will also be sure that your business complies with all relevant local and global legislation.

A comprehensive employee check provides details of business interests through CPIC, ownership of assets, South African Fraud Prevention Services status, government employee status, bank verification and s’ they are considered a restricted supplier by the National Treasury. Supplier checks also investigate company status via CPIC, ownership, online judgments, bank verification, BEE and VAT status, South African Fraud Prevention Services, database from the national treasury for restricted suppliers and administrators’ government employee status.

After cross-checking employees and vendors against all these databases, Lexis ProcureCheck provides an overview of the results, summarizing key information and alerts. Your supply chain is continuously monitored as suppliers are onboarded and a new report is generated every 48 hours so no connections are missed. You can also create your own watchlist of problematic vendors to avoid in future transactions.

For added due diligence in the procurement process, the WorldCompliance add-on can also be used to complement Lexis ProcureCheck. WorldCompliance helps government entities and companies meet the legal obligation not to engage with any person or company on sanctions and watch lists.

Containing over 2.5 million detailed profiles, WorldCompliance provides users with easy access to perform legally required screening for PEPS, sanctions, adverse media and other convictions. The database helps clients detect individuals, organizations and vessels linked to over 50 risk categories, including sanctions, foreign officials and state-owned companies. WorldCompliance also provides access to workflow and escalation processes with an alert-driven process that highlights adverse outcomes.

LexisNexis’ end-to-end digital procurement toolkit is the most trusted solution for mitigating risk, reducing costs, and streamlining processes.

Want to boost your procurement workflow? Visit https://www.lexisnexis.co.za/pages/procurement-solutions to learn more or to request a demo.

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