What risks lurk in your supply chain?

Safety Policies & Implementation

Having comprehensive safety policies is a leading indicator for worker safety, so it's important to collect them from all your contractors.

And while collecting policies is a great first step, your ultimate goal should be to verify those policies, as self-reported data isn't always reliable.

Citations / Violations

Tracking safety citations/violations among contractors is vital for a safe workplace. It helps minimize risk, address safety concerns, and ensure compliance with regulations, boosting your reputation.

To improve tracking, consider a centralized system for streamlined data collection and real-time monitoring of your contractors' citation information.

Worker Training

Insufficient training raises accident and regulatory violation risks.

Consider deploying online training for contractor employees before they arrive on site to save time and ensure compliance. Utilize a compliance tracking system to establish and oversee qualification and training criteria based on roles and locations.

Insurance / Liability Risk

If you're not currently collecting insurance information from your contractors, it's important to prioritize this step. Having proper and current insurance is vital in mitigating risks.

The next step is verifying that information. Verification serves as a shield against financial liabilities, ensures adherence to legal standards, aids in precise risk assessment, and upholds contractual commitments, protecting the interests of all parties involved.

Subcontractors

Did you know 59% of supply chain disruptions are directly linked to contractors? In today’s business landscape, where companies outsource a significant portion of their work (60%-70%), ensuring visibility and compliance across your subcontractors is more critical than ever.

Sustainability / ESG

ESG and sustainability are emerging areas of third-party risk and reporting globally, whether to comply with climate regulations, satisfy diversity sourcing requirements, attain corporate emissions targets, or appeal to investors and stakeholders.

Getting started is easier than you might think to set clear goals and begin collecting data from your contractors and support your green initiatives.

Business Risk

Consider the impact of hiring a supplier on the verge of bankruptcy, or a contractor embroiled in a legal battle. Understanding these data points up front helps you make smart sourcing decisions that protect your projects and bottom line.

Cyber Security

45% of companies will have a cyber breach that originates from the supply chain, and every supplier and contractor you work with puts you at potential risk (even if they don't share data or systems access).

Conducting a cyber check on all your third-party partners helps protect your business from a potentially catastrophic breach or business disruption.