The construction industry is managing risk and increasing visibility of contractors and sub-contractors across its supply chain with an assessment software system from compliance specialist, Altius.
The compliance software has to potential to help construction firms reduce risk and liability, cut costs and save time. From health and safety and commercial risk to bribery and corruption policies, CSR and social value, quality, environmental and employment law, and information security, it is able to manage compliance on many parameters.
Altius has mad the assessment ‘live’ and constantly up to date by completely re-engineered the entire assessment process to create a real-time web based system.
The assessment is tailored to the construction client company and assessment criteria are tailored to the tasks undertaken by specific contracts and sub-contractors and pertinent to the level of risk they might present, due to the agile software system. Consequently, assessments can now be completed in days, rather than weeks.
The system is evidence-based and maintains a complete audit trail of every piece of data and ever change made to it. Using built-in and custom reports to plot trends and spot weaknesses by mapping on to full historical data, building firms are able to get the complete picture of their supply chain compliance.
Consequently, managing reporting is significantly improved as it provides a collaborative tool that can be used by various team members. Nothing is missed and compliance status is always at their fingertips due to the built-in triggers, alerts and reports, preventing regulatory breaches and reducing risk and liability.
Continuous assessment is enabled with lapses in compliance designed out. For contractors who simply update specific assessment details when prompted, the software system is less onerous, therefore having confidence that they are always covered.
Users can get the complete picture based on information from across the enterprise as the Altius data is flexible and can integrate with any other enterprise or back office systems. Clients are able to measure compliance risk against up-to-date spend information as the software can be integrated into existing finance or ERP systems.
Compliance needs change and therefore the software is designed to react quickly to changes – clients can easily introduce new requirements, adapt parameters, and set deadlines, so that as they evolve, their supply-chain evolves with them.
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