Savii Group warns CA companies over Transparency Act
The Savii Group, a spend management firm, is warning companies to pay closer attention to their vendors and suppliers in light of the recently enacted California Transparency in Supply Chains Act of 2010 (S.B. 657).
Beginning Jan. 1, 2012, all retailers and manufacturers doing business in California that have worldwide gross receipts of over $100 million will be required to disclose their auditing of vendors and suppliers.
Companies subject to the Act must clearly disclose on their websites the steps taken to evaluate their supply chain and address risks defined in the Act. These steps include audits, certification, internal accountability standards and training.
“The only way for a company to ensure and verify compliance is to start screening their vendors and suppliers,” said Gina Manis-Anderson, CEO of Savii Group.
Most companies find it difficult to keep track of and manage the complexities of ever changing state and federal compliance regulations. The most common are Sarbane's Oxley and Patriot Act. However, businesses must comply with many other state and federal regulations as well.
“Just trying to manage the certificate of insurance, licensing, credentials and stability of thousands of vendors and suppliers within a single data repository is a daunting task for most companies,” said Manis-Anderson.
“We help our clients develop an auditable process to ensure compliance with all applicable state and federal regulations through vendor screening. This process helps to protect brands and eliminates the risk of being levied hefty government fines for non-compliance.”
To find out more about vendor screening and S.B. 657 California Transparency in Supply Chain Act, please visit http://www.saviigroup.com.
Edited by Kevin Scarpati