What are the primary benefits of the GRMS Supplier Screening Program?
GRMS' Supplier Screening Program can provide your company with a customizable no cost
supplier screening solution to effectively manage and reduce risk while conducting business with your suppliers in over 120 countries.
What is the definition of a supplier?
The federally mandated USA Patriot Act states a company may not buy or sell to any company or individual listed on the U.S. Treasury Department's Office of Foreign Asset Control (OFAC) list, domestically or internationally, knowingly or unknowingly. Therefore, we define a supplier as any non-personnel cost which includes suppliers, service providers and independent contractors both on-site and off-site.
Why does our company need to screen our suppliers?
In today's high risk global business environment and turbulent economy, it is more important than ever for your company to know the background and financial stability of the suppliers with whom you conduct business.
The management of the licensing, credentials and stability of suppliers, as well as staying current with the myriad of ever changing U.S. federal compliance regulations, has become increasing complex and costly. It is nearly impossible for any company to accurately and efficiently manage these issues internally in a cost effective manner.
For global companies, international screening presents many complex challenges. Companies are required to comply with multiple international government watch lists. Companies must also take into account country specific laws, cultures, data access and privacy regulations. A mistake can result in significant losses to your company.
My company has been conducting business with the same suppliers for many years. We already know their backgrounds so why should we ask them to submit to screening?
How would the unexpected closing of a major supplier affect your business? How do you know if one of the companies or its owner you conduct business with is currently listed on one of the many global watch lists? The GRMS Global Supplier Screening Program will verify the current status of your suppliers that could affect your company's operations and reputation.
My company already does this, why should I contract with GRMS?
Most companies do some form of supplier due diligence which may include collecting an insurance certificate and W-9 tax form or even ordering a Dun & Bradstreet®
Report. The GRMS Global Supplier Screening Program is far more extensive in its scope. Most importantly, we can provide a single point of access to many of the international government watch lists. Since we are an outsourced solution, GRMS can save your company the administrative costs and resources involved in conducting screening internally.
Does my company need to screen all of its suppliers?
No. You determine which of your suppliers you want to participate in the GRMS Supplier Screening Program. However, GRMS recommends that all current and potential suppliers be screened as a best practice to mitigate risk.
What if my company's supplier is not willing to be screened?
In nearly every case, the only reason a supplier would refuse to be screened is that there is something they do not want your company to know about such as a current lawsuit, judgment, cancelled insurance coverage or other major problem. As the client, it is ultimately up to you to decide to continue to do business with that supplier.
What if my company's supplier fails the screening process?
GRMS' Global Supplier Screening Program consistently and impartially applies your company's customized screening criteria to all of your suppliers on a global basis. We provide a final report for each of your suppliers that will offer your company the information you need to decide whether or not you wish to continue to do business with that company.
The GRMS Solution Center is staffed with professionals to assist suppliers to meet your screening criteria. It is our goal to assist your supplier to pass the screening criteria.
Does my company need to purchase or install any software?
The GRMS Global Supplier Screening Program is a software as a service (SaaS) solution, therefore there is no software to be installed by either your company or your suppliers.
How secure is the information you collect?
Our secure data center is housed in a SSAE 16 Type ll and ISO 9001 certified co-location facility and utilizes a 256-bit encryption, which is the industry standard level of encryption for communication. To learn more, visit our Database Security page.
Our company is extremely busy, how much time and effort is required to implement the GRMS Supplier Screening Program?
Implementing the GRMS Supplier Screening Program is simple and non-intrusive:
- Step 1: Sign the GRMS Client Services Agreement to ensure confidentiality.
- Step 2: Determine which of our customizable screening packages you wish to utilize for the screening of your suppliers.
- Step 3: Provide an electronic file of your supplier's contact information.
- Step 4: GRMS implements your Supplier Screening Program.
How much will GRMS' Supplier Screening Program cost my company?
Our screening program can be implemented at no cost to your company
as your suppliers pay the cost of screening. In most cases our services can actually reduce your administrative costs.
Who are some of GRMS' clients?
Due to the confidentiality provisions of our Client Services Agreement, GRMS is unable to provide a list of clients. GRMS can provide a client reference upon request.