procurecheck

LexisNexis ProcureCheck

ProcureCheck assists Supply Chain Management Officers with compliance during the Procurement Process by facilitating a transparent networking environment where business can be conducted with integrity and in a credible and reasonable manner.

ProcureCheck provides the intelligence you need on one platform, to conduct the necessary due diligence and vetting on vendors and employees. ProcureCheck goes the extra distance to monitor vendors and employees to bring you peace of mind.

ProcureCheck is an online automated workflow tool which will assist procurement and compliance departments with their procurement vetting process, ongoing staff and vendor management as well as the identification of possible conflicts of interest.

Key Benefits

  • Combat corruption by identifying potential connections and ownership of property.
  • Identify possible fraudulent activity within vendors and employees with the help of South African Fraud
  • Prevention Services.
  • Highlight business interests of employees within your organisation.
  • Let ProcureCheck help you recognise conflicts of interest within your organisation and potential supply chain partners.
  • Investigate negative and positive news on vendors and employees to assist in mitigating reputational risk.

 

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Complying with the Law

» Public Finance Management Act

» Municipal Finance Management Act

» KingIII

» UK Bribery Act

Public Finance Management Act

-In accordance with 16A8.1 “Compliance with ethical standards” ProcureCheck assists in building an environment where business can be conducted with integrity, respect and mutual trust amongst those involved in the procurement process in order to comply with the highest ethical standards.


- Use ProcureCheck to ensure your supply chain officials meet all conditions as stipulated in 16A8.3 of the Act; by identifying possible conflicts of interest that may arise during the co ownership of property; additional directorship of conflicting or tendering companies or through the acceptance of gifts in the form of immovable property thus assisting the combating of corruption and fraud within the supply chain management system.


- Let ProcureCheck’s advanced reporting system automatically notify your procurement officer of any breach or failure in order to meet the requirement as stipulated in 16A18.5 of the Act.


- The Reports generated by ProcureCheck may also be used by the accounting officer in the submission of information to the relevant treasury (16A11 of the Act).

Municipal Finance Management Act

 

ProcureCheck forms an integral part of the supply chain management policy when adhering to the code of ethical standards as outlined by the Municipal Finance Management Act No. 56 of 2003; 46. Ethical standards.

King III

- Companies tend to focus primarily on minimising their negative ethics risks, since they understand that unethical beliefs, practices or behaviour can expose them to financial loss due to theft, fraud, corruption, sabotage, and so on. It is equally important that companies also focus on the benefits of a strong ethical culture.


- The use of ProcureCheck in supply chain management to eliminate corruption and fraud promotes strong ethical standards and good business practice. This in turn promotes a strong company ethics culture.


- Evidence shows that, in the long term, companies with a strong ethical culture have a competitive edge over unethical companies.

UK Bribery Act

The Bribery Act 2010 came into force in July 2011and represents the most significant change in the UK government’s approach to tackling bribery and corruption for over 100 years. The Bribery Act 2010 replaces outdated legislation, bringing the UK in line with the OECD Anti-Bribery Convention and aims to make the UK a better place for conducting business.


- The primary focus for companies is the new offence of failure by a commercial organisation to prevent bribery. All offences carry a maximum prison sentence of 10 years, with the exception of the offence relating to failure to prevent bribery, which carries an unlimited fine. Where a director is convicted of bribery, they may also be disqualified from holding a director position for up to 15 years.


- The defence for a company is to be able to demonstrate that adequate procedures are in place to prevent bribery. This puts companies’ operational procedures under the spotlight and businesses may want to consider on a risk sensitive basis what processes and controls are implemented to mitigate bribery and corruption within their firm. Despite a spate of recent bribery and corruption cases both in the UK and overseas, many companies are unprepared for the Bribery Act 2010 and need to act on this as the highest priority.

NAPBS

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