BSI launches global risk management standard for suppliers

The PAS 7000 standard draws on the collective expertise of 240 professionals drawn from global industry associations and organizations, and it addresses product, process and behavioural criteria for supplier pre-qualification, BSI said in a statement.

The supply chain management solution offers a uniform set of common information requirements that reduces duplication of effort in completing tender forms and aids procurement in bringing consistency to the supplier base. It establishes a model of governance, risk and compliance information for buyers to pre-qualify suppliers and confirm their intention and ability, to adhere to key compliance requirements. This in turn helps organizations make an informed decision about whether or not to engage with a potential supply chain partner.

The new standard specifies a universal package of supplier information to be shared with supply chain partners which covers key supplier information, capabilities, and performance which will help buyers trace back and secure their supply chains, mitigate risk and brand reputation and for suppliers to promote their products.

Based on international consensus developed by procurement and supply chain professionals drawn from the UK, the US, and Asia-Pacific (APAC), PAS 7000 includes a wide range of potentially relevant topic modules such as capacity and capabilities, environmental management, employment policies, business continuity, traceability and data protection.

Howard Kerr, chief executive at BSI, said, “Today’s consumers and employees demand integrity from the organizations they deal with. Acting with integrity requires confidence in all those involved in delivering a service, anything else risks brand reputation. The benefit of this new standard is that it helps brands to align their supply chain with their corporate values by adopting an internationally defined framework of good practice for supplier pre-qualification.”

BSI facilitates business improvement across the globe by helping its clients drive performance, manage risk and grow sustainably through the adoption of international management systems standards, many of which BSI originated. (GK)

Fibre2fashion News Desk - India