RISK MANAGEMENT
Vendor Screening Program
Koffman
Telecom has partnered with Global Risk Management Solutions (GRMS) to provide
our clients a comprehensive Vendor Screening program. GRMS provides companies
and organizations with an innovative approach for the screening and compliance
management of new and existing vendors, suppliers and independent
contractors. The GRMS Vendor Screening Program includes domestic and
international due diligence and risk mitigation services to ensure that your company
has the knowledge you need to make informed business decisions and
substantially reduce risk.
In today's high risk business environment and turbulent economy, it is more
important than ever for companies to know the background and financial
stability of the vendors with whom they conduct business. Establishing a
contract with a vendor without verifying credentials and licensing or
uncovering any unfavorable financial or criminal background can have
significant legal and financial ramifications. Even existing vendors may
have changes in the stability of their company or may allow licensing and
certifications to lapse.
In addition, companies are exposed to the risk of substantial fines and loss of
reputation anytime they conduct business with vendors that may be listed on any
one of the approximately 550 global watch lists including the U.S. federal
government watch lists such as OFAC, Patriot Act or Executive Order 13224.
Risk management in today's global business environment is increasingly complex
and costly. The management of the licensing, credentials and stability of
vendors as well as staying current with the myriad of ever-changing federal
compliance regulations internally requires expertise and resources that can be
allocated more efficiently to increase profitability. GRMS' Vendor Screening
Program provides an outsourced solution for companies offering the most
comprehensive screening services available to reduce risk while conducting
business with vendors and significantly reduce risk management costs.
To
learn more about GRMS’ vendor screening and compliance management solutions, contact us at 888-KOFFMAN or visit
