Contracting, common for every company, is something that few companies do efficiently or effectively. The process of reviewing contracts and legal documents is manual, tedious and error-prone, exposing organizations to legal risks if not well managed. The financial consequences can also be severe. KPMG estimates that inefficient contracting causes firms to lose up to 40 percent of value on a given deal, depending on circumstances.
If you work in financial services then you’re already aware that knowing your customer (KYC) is not just an essential process, it is also a legal requirement. It’s part of the essential tasks banks perform to tackle anti-money laundering (AML) and other financial crimes.
Back in June 2017, the European Commission’s Fourth AML Directive set out new rules to help combat money laundering. This was supplemented in January 2020 with the Fifth AML Directive, which aimed to increase transparency about who really owns companies and other financial entities.
The supply chain strategy paradigms we have held close and true for decades are being challenged. The questions are complex, important, urgent and without easy answers.
If you’re laundering money or financing terrorism, what keeps you up at night?
Beyond the day-to-day intrigues of a life of crime, you have a money trail to worry about. Sure, you fear the sophisticated law enforcement and intelligence agencies with the power to track you, shut you down, and put you behind bars. But what about the thousands of watchful eyes observing your money as it flows through banks, casinos, real estate and other covert financial conduits?
Just about every company monitors when its staff is absent, whether on a planned holiday or sick, and has a policy for how much leave its employees are entitled to. However, very few go any deeper than this. Absence is observed, but most companies do not see the implications of certain trends or ensure compliance across a global workforce, much less take any proactive steps to help their staff on absence-related issues.
At the end of a dramatic year for technology providers big and small, Richard Grove from digital consultancy Caution Your Blast considers five issues, opportunities and developments that will dominate the start of this decade.
In this episode of the Sourcing Industry Landscape, Dawn Tiura interviews Rob Bernshteyn. Rob Bernshteyn is the Chief Executive Officer of Coupa Software, a cloud platform for business spend management. After moving to the U.S. at a young age, what began as an interest in sports memorabilia turned into a profitable venture during middle school and high school to help fund his college education.